India, World Bank And Representatives Of 5 States Signed Loan Agreement For DRIP 

The World Bank, the Government of India and representatives of 5 States of Government of India and Implementing Agencies signed in New Delhi the Loan Agreement for Additional Financing of $137 Million for the Dam Rehabilitation and Improvement Project (DRIP).

This agreement will help rehabilitate and modernize over 220 selected large dams in the States of Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu and Uttarakhand. The $137 Million Loan from the International Bank for Reconstruction and Development (IBRD), has a 3-year grace period, and a final maturity of 16 years.

Background:

In 2010, the Bank’s Board approved $350 million to finance the Dam Rehabilitation and Improvement Project to improve the safety and sustainable performance of over 220 selected dams in India.

Source- Press Information Bureau (PIB)

Static/Current Takeaways Important For LIC AAO Mains Exam:

  • Interim World Bank Group President and World Bank CEO: Kristalina Georgieva Headquarters: Washington, D.C., United States.

Find More Agreements Here

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