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Indian Signed Loan Agreement with New Development Bank- Details, Features, Purpose
Indian Government signed Loan Agreement with New Development Bank- Details, Features, Purpose, Benefits
The Government of India has signed second Loan Agreement with New Development Bank (NDB) on 13th February 2018 in New Delhi.
The Loan Agreement was made for financing the Rajasthan Water Sector Restructuring Project for the Desert Areas.
As per the officials, this is the first part loan of amount USD 100 million, which got approved by the NDB under Multi-Tranche Financing Facility of USD 345 million for this project.
The Rajasthan Water Sector Restructuring Project (RWSRP) is aimed at rehabilitating the 678km long Indira Gandhi Canal system built during the year 1958-63, in order to prevent seepage, conserve water and for increasing water use efficiency as authorised by both national and state-level policies on water usage.
The RWSRP project facilitation will enable multi advantages such as:Arresting the seepage by rehabilitating the deteriorating canal lining of the Indira Gandhi Nahar Project (IGNP) which requires immediate actions; Reconstruction of waterlogged areas;Modernisation and optimisation of the irrigation management practices by involving Water Users' Associations (WUA); and Escalation of drinking water supply and irrigation facilities in the project area.
The RWSRP project implementation period is six years. The government of Rajasthan will implement the project primarily through Rajasthan Water Resources Department.
