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Construction : Web Exclusive | November 2012 | Source : Construction Update

Himachal to get $37 mn World Bank fund for water project

To support Himachal Pradesh Mid-Himalayan Watershed Development Project the Union government on November 20 signed an agreement with World Bank for $37-million loan. An official release said that the Government has signed a $37 million credit agreement with the World Bank for the ongoing Himachal Pradesh Mid-Himalayan Watershed Development Project to support the Government of Himachal Pradesh build sustainable watershed treatment models.

The original $60 million Mid-Himalayan Watershed Development Project is aimed at reversing the process of degradation of the natural resource base, improve productivity, and raise rural household incomes, it added.

The agreement was signed by Prabodh Saxena, Joint Secretary, Department of Economic Affairs and Onno Ruhl, Country Director, World Bank, among others.

The statement said that the project will be financed by a credit from the International Development Association (IDA) — the World Bank’s concessionary lending arm — which provides interest-free loans with 25 years to maturity and a grace period of five years.

The statement added that the ongoing project has converted about 9,000 ha of rain-fed area into irrigated land through watershed management techniques.

 
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