Current Affairs Details

GoI, World Bank signs loan agreement on Integrated Project for Source Sustainability and Climate Resilient

The Integrated Project for Source Sustainability and Climate Resilient Rain-Fed Agriculture will be implemented in 428 Gram Panchayats in 10 districts in Himachal Pradesh.

The World Bank signed an $80 million loan agreement with the Government of India, Government of Himachal Pradesh on 11 March 2020. The aim is to improve water management practices and increase agricultural productivity in selected Gram Panchayats in Himachal Pradesh. The loan from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14.5 years, including a grace period of 5 years.

Highlights:
? The Integrated Project for Source Sustainability and Climate Resilient Rain-Fed Agriculture will be implemented in 428 Gram Panchayats in 10 districts in Himachal Pradesh. 
? The project includes setting up of hydrological monitoring stations to monitor water quality and quantity.
? It is expected that it will benefit over 400,000 smallholder farmers, including women, and pastoral communities.
? The project aims to make the best use of all available technologies and resources to increase water-use efficiency.
? It will improve upstream water sources in pastures, forests, and grasslands.
? The project will enhance the climate resilience of agriculture and its allied activities and also ensure sufficient water is available for sustainable agriculture both in Himachal Pradesh and in downstream states. 

About the World Bank:
Headquarters: Washington, DC, US
Membership: 189 countries (IBRD), 173 countries (IDA)
President: David Malpass
MD & CFO: Anshula Kant
Parent organization: World Bank Group
World Bank is a component of the World Bank group. The bank provides loans and grants to poor countries to support infrastructure development and their capital projects. 
It constitutes of 5 international organizations, namely:
? International Bank for Reconstruction and Development (IBRD)
? the International Development Association (IDA)
? International Finance Corporation (IFC)
? Multilateral Investment Guarantee Agency (MIGA)
? International Centre for Settlement of Investment Disputes (ICSID)
IBRD:
Established on: 1944
Membership: 189 countries
IBRD offers a number of financial services and products, lends loans to middle-income developing countries.