Business

October 31, 2017

$200 mn deal signed by India with World Bank


World Bank

On October 30, the signing of a loan agreement worth $200 million for the Assam Agribusiness and Rural Transformation Project was announced by the finance ministry and the World Bank.

Mr Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance said that Assam is simplifying several regulatory procedures related to doing business, agricultural marketing, and fisheries amongst others. He said that the project will help the State increase agricultural productivity by strengthening the farming systems, raise private sector investments to promote agri-enterprises which will create better job opportunities for the youth in the State.

In over 16 Districts of Assam, the Project is expected to be implemented. The Project will benefit more than 5,00,000 farming households. At least 30 percent women are expected to participate in project activities. More focus will be given to women-led enterprises and their participation in the decision-making process of farmer producer organizations.

It said the Project will also enable small farm holders to produce crops that are resilient to recurrent floods or droughts in the state.

Mr. Hisham Abdo, Operations Manager, World Bank, speaking on the occasion said that the Government of Assam aims to double farm incomes in the State and transform the agricultural sector into a stable source of growth and economic development. He said that this project will serve as the nucleus to fulfill the State’s much larger vision of an agriculture-based rural transformation.

Another key element of the project will be to promote market-led production that can deal with the kinks of climate change.

“The $200 million loan from International Bank for Reconstruction and Development (IBRD), has a seven year grace period, and a maturity of 16.5 yrs,” as tweeted by the finance ministry. The World Bank will release its Doing Business report on October 31.

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