The Government of India and the Government of Maharashtra has signed a USD 210 million loan agreement with the World Bank. The loan agreement has been signed for Maharashtra Agribusiness and Rural Transformation Project. The USD 210 million loan will be funded by the International Bank for Reconstruction and Development (IBRD), having a 6-year grace period with a maturity period of 13.5 years.
Objective of the Maharashtra Agribusiness and Rural Transformation Project:
The Maharashtra Agribusiness and Rural Transformation Project aims to revamp the capacity of the state in effective management and delivery of agricultural technical support and services, boosting credit linkages to formal financing institutions, enhancing Sanitary and Phytosanitary (SPS) standards and investment in business development services that will help small holder farmers in becoming more competitive and will increase their access to organized domestic and export markets. It will also increase the capacity of the nodal departments and institutions and will also increase the private sector investments in agricultural value chains.
Impact of the Maharashtra Agribusiness and Rural Transformation Project:
The Maharashtra Agribusiness and Rural Transformation Project will support the participation of small holder farmers in competitive agriculture value chains, increase in market accessibility and productivity in focus commodities, accelerate agri-business investments in the Indian state of Maharashtra. It will improve the condition of farmers in all 36 districts of Maharashtra by specifically focussing on the women-led enterprises and women’s participation in the decision-making processes of farmer producer organizations.
Important takeaways for all competitive exams:
- Chief Minister of Maharashtra: Uddhav Thackeray; Governor: Bhagat Singh Koshyari.
- President of World Bank: David R. Malpass; Headquarter: Washington DC.