India signs USD 318 million loan Agreement with World Bank for agriculture project in Tamil Nadu

Dec 27, 2017 09:51 IST
India signs USD 318 million loan Agreement with World Bank for agriculture project in Tamil Nadu

India on 26 December 2017 signed USD 318 million Loan Agreement with the World Bank for Tamil Nadu Irrigated Agriculture Modernization Project to promote climate resilient agriculture technologies, improve water management practices and increase market opportunities for farmers in the state.

The agreement was signed by Sameer Kumar Khare, Joint Secretary in Department of Economic Affairs, Ministry of Finance; S. K. Prabhakar, Principal Secretary of Public Works Department, Tamil Nadu and John Blomquist, Program Leader and Acting Country Director of World Bank, India.

Highlights of the Tamil Nadu Irrigated Agriculture Modernization Project

• Around 500000 farmers, of which a majority are small and marginal, are expected to benefit from Tamil Nadu Irrigated Agriculture Modernization Project.

• The project will rehabilitate and modernize about 4800 irrigation tanks and 477 check dams that are spread across 66 sub-basins to deliver bulk water to irrigation systems.

• It will improve the reliability and availability of irrigation water for farming communities, making them less prone to climatic hazards.

• More than 160000 hectares of currently partially irrigated lands will come into full irrigation under this project.

• It will support farmers in improving the efficiency of water used in farming and produce crops that are resilient to the increasing threats of climate change.

• The project will enable farmers to shift from a mono crop paddy system to mixed cropping including high-value crops- fruits, vegetables, spices, pulses, oilseeds and millets.  

• It will enhance the ability of crops to withstand adverse impacts of climate change by supporting smallholder producers in adopting new conservation technologies such as the System of Rice Intensification (SRI) and Sustainable Sugar Initiative (SSI).

• This loan of USD 318 million from the World Bank's International Bank for Reconstruction and Development (IBRD) has a 5 year grace period and a maturity of 19 years.

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