Updated By: LatestGKGS Desk
India-World Bank: loan agreement, Assam Agribusiness and Rural Transformation Project
India, World Bank signs USD 200 million loan agreement for Assam Agribusiness and Rural Transformation Project
India and the World Bank has signed USD 200 million loan agreement for the Assam Agribusiness and Rural Transformation Project on 30 October 2017. This signed USD 200 million loans will have a 7 year grace period and a maturity of 16.5 years.
Sameer Kumar Khare who is Joint Secretary in Department of Economic Affairs has signed the agreement as well as Ravi Kota (Principal Secretary of Assam's Finance Department) and Hisham Abdo, (Operations Manager of World Bank India).
The Assam Agribusiness and Rural Transformation Project’s main aim is at supporting Assam to facilitate agri-business investments, increase agricultural productivity and market access.
The project will enable small farm holders in producing crops that are resilient to recurrent floods or droughts in the state.