The World Bank has approved a $175 million loan to India for the National Hydrology Project to improve India’s ability to forecast floods and reduce the recurring chances of floods and droughts.
The loan would be disbursed by the International Bank for Reconstruction and Development (IBRD). The loan has a six-year grace period in which no interest payments will be due and will mature in 23 years.
This National Hydrology Project is the successor of the Hydrology Project-I and Hydrology Project-II under which real-time flood forecast systems in two large river systems (Krishna and Satluj-Beas) were developed to give reservoir managers an accurate picture of the water situation in their region.
Takeaways from above news:
- World Bank headquarter is in Washington D.C., U.S.A.
- World Bank CEO is Kristalina Georgieva
- World Bank was founded in 1944
- Full form of IBRD is International Bank for Reconstruction and Development.
Source- The Hindu