World Bank approves $ 450 million loan

Question- Recently, the approval to IBRD loan for the Atal Bhujal Yojana (ABHY) -National Groundwater Management Improvement Program was given by the World Bank Executive Board of Directors. What is not true in this regard?
(a) The Executive Board of the World Bank approved for the USD 450 million IBRD loan for the scheme.
(b) Grace period of loan amount is 6 years.
(c) The cost amount of the plan is Rs.6000 crores.
(d) This scheme is sponsored by the Ministry of Water Resources, River Development and Ganga Protection.
Answer: (b)
Related Facts:

  • On June 5th, 2018, IBRD loan of USD 450 million approved by the World Bank’s Executive Board of Directors for the Atal Bhujal Yojana (ABHY) – for National Groundwater Management Improvement Program.
  • The maturity period of this loan amount is 18 years and grace period is 6 years.
  • This scheme is sponsored by the Ministry of Water Resources, River Development and Ganga Protection.
  • The cost of the plan is Rs.6000 crores.
  • This scheme will be implemented in the five year period from 2018-19 to 2022-23 with the help of World Bank.
  • The proposal of the scheme has already been recommended by the Finance Expenditure Committee of the Ministry.
  • Cabinet approval will be received shortly by the Ministry for the project.
  • The purpose of this scheme is to improve the situation of ground water management with community participation in the primary areas of the country.
  • The primary areas have been identified in the states of Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh.
  • These states cover two types of large earth bodies-alluvial and aquatic-rocky layers found in India.
  • With the implementation of this scheme, about 8350 Gram Panchayats are expected to be benefitted in 78 districts of these territories.
  • The funds will be made available to the partner states in the form of grants-in-aid.
  • Under the scheme, active participation of communities in different activities such as Water User Association, Monitoring and Distribution of Ground Water Data, Water related Income-Expenditure, Preparation of Water Safety Schemes in accordance with Gram Panchayats and implementation of IEC activities related to sustainable water management is proposed.

See also the links below:
http://www.worldbank.org/en/news/press-release/2018/06/05/world-bank-board-approves-usd450-million-improve-groundwater-management-select-states-india