Current Affairs Agreements

India signs USD 450 million loan agreement with World Bank

Category : Agreements

  The Goverment of India has signed USD 450 million loan agreement with the World Bank. The loan agreement of USD 450 million aims to support the national programme “Atal Bhujal Yojana (ABHY): National Groundwater Management Improvement Programme“. It will help the Union Government to curb the country’s depleting groundwater levels along with strengthening of the groundwater institutions.
  • More Details about loan:

The International Bank for Reconstruction and Development (IBRD) will provide the loan amount on behalf of the World Bank. According to the loan agreement signed between Indian Government and the World Bank, the loan amount will be having a grace period of 6 years, along with the maturity period of 18 years.

  • Atal Bhujal Yojana (ABHY): National Groundwater Management Improvement Programme

The Atal Bhujal Yojana aims to provide strength to the institutional framework for participatory groundwater management and to encourage behavioural changes at the community level for sustainable groundwater resource management. With this, it will curb the country’s depleting groundwater levels along with strengthening of the groundwater institutions.

  • Atal Bhujal Yojana (ABHY) Implementation:

ABHY will be implemented in 7 states and cover 78 districts. The 7 states are: Madhya Pradesh, Uttar Pradesh, Rajasthan, Haryana, Gujarat, Karnataka and Maharashtra. The ABHY programme will increase the recharge of aquifers and introduce water conservation practices. It will also promote water harvesting, crop alignment, and water management activities. The above targets are expected to be achieved with the use of cutting-edge technology along with Artificial Intelligence and space technology which will further help in better implementation of the programme.

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