Question: India and World Bank has recently signed a $ 210 million loan agreement for agribusiness and rural transformation along with which of the following state?
(a) Bihar
(b) Karnataka
(c) Maharashtra
(d) Orissa
Answer: (c)
Related facts:
- The Government of India, the Government of Maharashtra and the World Bank on January 24, 2020 signed a loan agreement of $ 210 million to support small holder farmers participate in competitive agriculture value chains, facilitate agri-business investments, increase market access and productivity in focus commodities, and build resilience of crops to recurrent floods or droughts in the Indian state of Maharashtra.
- The $ 210 million Maharashtra Agribusiness and Rural Transformation Project will help build capacity of the nodal departments and institutions; increase private sector investments in agricultural value chains; remove constraints for producers and entrepreneurs in accessing emerging domestic and export markets etc.
Important highlights of the project:
- The project will be implemented in all 36 districts of Maharashtra. Over one million farming households will directly benefit from the project.
- At least 43 percent of farmers and farm-workers participating in project activities are expected to be women.
- Specific focus will be given to women-led enterprises and the participation of women in the decision-making processes of farmer producer organizations.
- Such an agricultural transformation is already under way in Maharashtra with an upsurge in the production of high value crops such as fruits and vegetables, pulses, and maize and soybean for animal feed.
- The state has emerged as one of the country’s largest producer and exporter of fruits, vegetables, pulses, cotton, and soybean.
- The focus of the project on enhancing the capacity of the state to effectively manage and deliver agricultural technical support and services, increasing credit linkages to formal financing institutions, improving Sanitary and Phytosanitary (SPS) standards and investing in business development services will help small holder farmers become more competitive and increase their links to organized domestic and export markets.
- The $ 210 million loan from the International Bank for Reconstruction and Development (IBRD) has a 6-year grace period and a maturity period of 13.5 years.
Links:
https://pib.gov.in/PressReleseDetail.aspx?PRID=1600497