India signs $200 mn deal with World Bank for rural transformation in Assam | business-news | Hindustan Times
Today in New Delhi, India
Nov 21, 2017-Tuesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

India signs $200 mn deal with World Bank for rural transformation in Assam

The rural transformation project will help small farmers to produce crops that are resilient to recurrent floods or droughts in Assam.

business Updated: Oct 30, 2017 18:31 IST
Two farmers carry crops from a paddy field some 300km from Guwahati in Assam. A World Bank-funded project will help small farmers in the state.
Two farmers carry crops from a paddy field some 300km from Guwahati in Assam. A World Bank-funded project will help small farmers in the state.(AFP)

The finance ministry and the World Bank announced on Monday the signing of a loan agreement worth $200 million for the Assam Agribusiness and Rural Transformation Project.

“Project will support Assam Govt. to facilitate agri-business investments, increase agriculture productivity and market access among others,” the finance ministry said in a tweet.

It said the project will enable small farm holders to produce crops that are resilient to recurrent floods or droughts in the state.

“The $200 million loan from International Bank for Reconstruction and Development (IBRD), has a seven year grace period, and a maturity of 16.5 yrs,” added another tweet.

The World Bank will release it’s Doing Business report on October 31.