Atal Bhujal Yojna gets loan of 450 million dollar from World Bank

Atal Bhujal Yojna gets loan of 450 million dollar from World Bank         

by saheli 

ABHY gets 450 million dollar loan

Government of India has signed a loan Agreement with World Bank to arrest the depleting groundwater levels and strength in groundwater institution in India. The loan Agreement was signed by Shri Sameer Kumar Khare, additional secretary, Department of Economic Affairs, and  Mr Junaid Ahmed, Indian director, on behalf of the World bank. The National Groundwater Management Improvement Program- ABHY ( Atal Bhujal Yojana)  was  supported by the World Bank. The bank sanctioned a loan of 450 million dollars for this purpose. This is a very effective initiative by World Bank and eventually will help in combating the underground water scarcity in the future.

Key Points

Ø  It will promote activities related to water harvesting, water management, crop alignment.

Ø  This agreement will be implemented in the states of Gujarat, Maharashtra Haryana, Karnataka, Rajasthan, Madhya Pradesh and Uttar Pradesh.

Key features of World Bank

Ø  World bank is the International financial institution that provides loan and grants to the poorer countries for the purpose of pursuing capital projects.

Ø  It comprises of two institutions:  the International Bank for Reconstruction and Development, and the International Development Association.

Ø  Bank was founded on 1944 and its headquarter is in Washington DC, USA.

Ø  Present president of World bank is David Malpass.