GoI, World Bank sign loan agreement of $115 million for implementation of REWARD Project

The Government of India, the State Governments of Karnataka and Odisha and the World Bank have signed a $115 million (INR 869 crore) Rejuvenating Watersheds for Agricultural Resilience through Innovative Development (REWARD) Programme. This programme will help national and state institutions adopt improved watershed management practices to help increase farmers’ resilience to climate change, promote higher productivity and better incomes.

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The bifurcation of the loan amount of $115 million is given below:

• Government of Karnataka- $60 million (INR 453.5 crore)
• Government of Odisha- $49 million (INR 370 crore)
• Central Government- $6 million (INR 45.5 crore)

Terms of Loan:

The loan has been provided by the International Bank for Reconstruction and Development (IBRD) arm of World Bank and has a maturity of 15 years, including a grace period of 4.5 years.

Important takeaways for all competitive exams:

• World Bank Headquarters: Washington, D.C., United States.
• World Bank Formation: July 1944.
• World Bank President: David Malpass.

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