India and World Bank Signed 162.7 Million Dollars Agreement for Rajasthan Rural Livelihoods Project

India and the World Bank on 24 May 2011 signed IDA (International Development Association) credit of 162.7 million dollars for Rajasthan Rural Livelihoods Project, which will finance livelihood opportunities for some 400000 village households in 17 districts of Rajasthan. The agreement for the Rajasthan Rural Livelihoods Project was signed by Venu Rajamony, Joint Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India;  Poonam, State Project Director on behalf of the Rajasthan Government; and Roberto Zagha, Country Director India, on behalf of the World Bank.

The funding for the Rajasthan Rural Livelihoods Project will help improve economic opportunities for rural communities, especially women and marginal groups, in 9000 villages of the state.

The Project aims to help the state government raise income levels for some 400000 rural poor households in Rajasthan. Despite rapid decline in poverty from 50 percent in 1970 to about 24 percent in 2005, the absolute numbers of poor families in the state of Rajasthan still stand at more than 2 million.

The Project will build the capacity of community institutions to deal more effectively with formal financial intermediaries, market institutions, public sector departments, and develop new partnerships with the cooperatives and the private sector.