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India & World Bank Signs Loan Agreement For NRETP
India & World Bank Signs Loan Agreement For NRETP: Details, Features, Aim, Highlights
The Indian Government on 5th March 2019 signed a $250 million loan agreement with the World Bank for the National Rural Economic Transformation Project (NRETP).
National Rural Economic Transformation Project is a new sub-component under the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) of the Ministry of Rural Development that aims to help women in rural households shift to a new generation of economic initiatives by developing viable enterprise for farm and non-farm products.
NRETP supports enterprise development programmes for rural poor women and youth by creating a platform to access finance including start-up financing options to build their individual and/or collectively owned and managed enterprises.
NRETP project also involves developing financial products using digital financial services to help small producer collectives scale-up and engage with the market. It also supports youth skills development, in coordination with the Deen Dayal Upadhyaya Grameen Kaushalya Yojana.
The key focus of the project is to promote women-owned and women-led farm and non-farm enterprises across value chains, enabling them to build businesses that help them access finance, markets and networks; and generate employment.
The $250-million loan from the World Bank has a 5-year grace period and a final maturity of 20 years.
