$394 M World Bank loan for water project

Wednesday, 01 December 2004, 20:30 IST
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NEW DELHI: The World Bank Tuesday issued a $394 million loan for a water project expected to benefit more than two million people in Madhya Pradesh. Ranjit Bannerji, joint secretary in the finance ministry, and Subroto Banerji, principal secretary in the Madhya Pradesh Water Resources Department, signed the agreement with Michael F. Carter, World Bank's India director, a statement said. "The loan is expected to benefit more than two million people living in selected river basins (Chambal, Sindh, Betwa, Ken and Tons) through improved productivity of water leading to increased irrigated agriculture and creation of substantial on-farm and non-farm employment opportunities," it said. Carter said the loan will help the state implement institutional reforms for sustainable and optimal water management and improve irrigation. The loan was approved Sep 7.
Source: IANS
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