Centre, WB govt inked loan agreements with AIIB and World Bank for $413 mn Irrigation and Flood Management Project
- The government of India, West Bengal government and the Asian Infrastructure Investment Bank (AIIB) inked a loan agreement for a $145 million project to improve irrigation services and flood management in the Damodar Valley Command Area (DVCA) in West Bengal.
- The West Bengal Major Irrigation and Flood Management Project will benefit about 2.7 million farmers from five districts of the state across 393,964 ha area with better irrigation services and improved protection against annual flooding to mitigate the impact of climate change.
- The project will assist in improving irrigation and agriculture in the Damodar Valley Command Area, by optimising the use of surface and groundwater and strengthening flood management, which will help boost agricultural productivity and increase incomes in rural areas.
- These include introduction of a modern Management Information System (MIS), benchmarking and evidence-based decision making, promotion of conjunctive use of surface and groundwater, introduction of rational asset management and improving transparency through citizen engagement.
- Irrigation Service Providers will be recruited on a performance basis to improve the quality of irrigation services.
- The total value of the project is $413.8 million, co-financed between the AIIB worth $145 million, IBRD worth $145 million and the government of West Bengal worth $123.8 million.
- The $145 million loan from the AIIB has a six year grace period, and a maturity of 24 years.
About AIIB-
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Indo-Pacific region.
- The bank currently has 78 members as well as 24 prospective members from around the world.
- Headquarter – Beijing, China
- President– JinLiqun
- Region Served – Asia and Oceania
About World Bank-
- The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.
- It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
- The World Bank is a component of the World Bank Group.
- Formation – July 1944
- Motto – Working for a World Free of Poverty
- Headquarters – Washington, D.C., U.S.
- Membership – 189 Countries (IBRD), 173 Countries (IDA)
- President– David Malpass
About West Bengel-
- Chief Minister – Mamta Banerjee
- Capital – Kolkata
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