$318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture
$318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture
Hi Bankersdaily Aspirants,
It’s time for us to update. We all know that in every IBPS Bank exam there will be a question related to recent MoU and agreements. The IBPS usually follows the pattern of asking the questions related to MoU and Agreement and its related static. So it’s important to study the recently Signed MoU and agreement and its related static. Let’s see about the new $318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture for the Tamil Nadu Irrigated Agriculture Modernization Project.
$318 million loan Agreement Signed with World Bank to Support Climate Resilient Agriculture
The Government of India, the Government of Tamil Nadu and the World Bank today signed a $318 million loan agreement for the Tamil Nadu Irrigated Agriculture Modernization Project to promote climate resilient agriculture technologies, improve water management practices, and increase market opportunities for small and marginal farmers. About 500,000 farmers, of which a majority are small and marginal, are expected to benefit from improved and modernized tank irrigation systems.
The $318 million loan from the International Bank for Reconstruction and Development (IBRD) has a 5-year grace period, and a maturity of 19 years.
The agreement for the project was signed by Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India; S. K. Prabhakar, Principal Secretary, Public Works Department, on behalf of the Government of Tamil Nadu and John Blomquist, Program Leader and Acting Country Director, World Bank, India on behalf of the World Bank.
The project will rehabilitate and modernize about 4,800 irrigation tanks and 477 check dams, spread across 66 sub-basins, in delivering bulk water to irrigation systems.
Though significant progress has been made during the past decade in crop diversification, still there is scope for achieving a higher level. Paddy is the dominant crop occupying 34 percent of total cropped areas, whereas fruits and vegetables are grown on 11 percent and pulses and oilseeds on 14 percent of total cropped areas. By helping farmers’ access modern technologies, linking them to markets, and providing postharvest management support, the project will enable farmers to shift from a mono crop paddy system to mixed cropping including high-value crops (fruits, vegetables, and spices), pulses, oilseeds, and millets.
To enhance the ability of crops to withstand expected adverse impacts of climate change, the project will support smallholder producers adopt new conservation technologies such as the System of Rice Intensification (SRI) and Sustainable Sugar Initiative (SSI). They reduce average water usage by 35 percent and increase yields by 22 percent per ha. The project is expected to increase the yield of rice, maize, and pulses by 18–20 percent.
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