India, World Bank sign $200 million loan agreement to boost agribusiness in Assam

Narendra Modi-led government and World Bank signed a $200 million Loan Agreement for the Assam Agribusiness and Rural Transformation Project on Monday.

The project will support the Government of Assam to facilitate agri-business investments, increase agriculture productivity, market access and enable small farm holders produce crops that are resilient to recurrent floods or droughts in the state.

Joint Secretary Department of Economic Affairs Sameer Kumar Khare said that the project will help the State increase agricultural productivity by strengthening the farming systems/

He added, “It will raise private sector investments to promote agri-enterprises which will create better job opportunities for the youth in the Assam.”

According to the joint secretary the project will be implemented in over 16 districts of Assam and over 500,000 farming households will directly benefit from the Project.

Khare added that at least 30 percent women are expected to participate in project activities and

Also read: Trump administration rejects capital increase by World Bank

specific focus will be given to women-led enterprises and their participation in the decision-making process of farmer producer organizations.

The Union Finance Ministry in a series of tweets announced the development in its official Twitter handle @FinMinIndia. The minister tweeted, “The Government of India and the World Bank sign $200 million Loan Agreement for the Assam Agribusiness and Rural Transformation Project.”

Also read| India's transition to GST fairly smooth despite opposition’s attempts to derail it: Jaitley

The Government of India and the World Bank sign $200 million Loan Agreement for the Assam Agribusiness and Rural Transformation Project.

— Ministry of Finance (@FinMinIndia) October 30, 2017

In another tweet, the ministry tweeted, “Project will support Assam Govt. to facilitate agri-business investments, increase agriculture productivity & market access among others.”

The finance ministry also said, “Project will also enable the Small Farm holders produce crops that are resilient to recurrent floods or droughts in the State.”

The ministry added, “The $200 Million loan from International Bank for Reconstruction & Development (IBRD),has a 7-year grace period, and a maturity of 16.5 yrs.”