The Government of India has signed a loan agreement with the World Bank for Neeranchal National Watershed Project in Madhya Pradesh. The loan has been sanctioned by the World Bank’s concessionary lending arm International Development Association (IDA).
The project to be implemented by the Ministry of Rural Development over a six-year period (2016-21) will support the Pradhan Mantri Krishi Sinchayi Yojana in hydrology and water management, agricultural production systems, capacity building and monitoring and evaluation.
The Neeranchal project was approved by the cabinet in October last year with a total budget outlay of Rs.2142 crore with the Government share of Rs.1071 crore and the rest 50% by the World Bank. The project size is 50 million dollars out of which 35 million dollar will be provided by World Bank and the remaining amount will be funded out of State Budget.
Union Minister for Rural Development Shri Birender Singh who presided over the loan signing agreement later told the media that the all 28 states which implement the watershed projects will benefit from Neeranchal.
The objective of the project is to improve access and quality of public services in the state through implementation of the Public Service Delivery Guarantee Act, 2010. The duration of the project is 5 years.
Extra Info :
Chief Minister – Sivaraj Singh Chouhan
Governor – Ram Naresh Yadav
So lets discuss some questions related to this article which can be asked in the exams :
1. India has signed $35 million dollar loan agreement with which organisation ?
2. The loan has been provided by the World Bank for which watershed project in MP?
3. What is the time duration of the Neeranchal National Watershed Project to be completed ?
Courtesy : PIB News