Current Affairs - Banking - Discussion

Government of India, Government of Maharashtra and the World Bank signed a US$ 420 million project to benefit Small and Marginal farmers in the Marathwada and Vidarbha regions of Maharashtra. This project will help to increase climate resilient practices in agriculture and to make farming a profitable activity. This project will benefit more than 7 million people over an area of 3.0 million ha. It will cover 5,142 villages in the 15 most climate vulnerable districts of the region. The $420 million loan provided by the International Bank for Reconstruction and Development (IBRD) has a grace period of 6 years. Its maturity period is 24 years. The Agreements for the Maharashtra Project for Climate Resilient Agriculture were signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Indian government. Bijay Kumar, Additional Chief Secretary, Agriculture Department signed on behalf of Maharashtra government. Junaid Ahmad, Country Director, World Bank, India, signed on behalf of the World Bank. This project will be implemented in rural areas that are mainly dependent on rain-fed agriculture.