The Government of India (GoI), and the World Bank signed loan agreements of USD 115 million to implement the “Rejuvenating Watersheds for Agricultural Resilience through Innovative Development” (REWARD) Project in the states of Karnataka and Odisha with the support of the respective governments.
Financial structure-
The International Bank for Reconstruction and Development (IBRD),lending arm of World Bank Group financing will support the $115 million loan has a maturity of 15 years, including a grace period of 4.5 years.
- Karnataka with $60 million ,
- Odisha with $49 million , and the remaining $6 million will be for the central government’s Department of Land Resources.
REWARD Project:
This project is an initiative of the Department of Land Resources (DoLR), Ministry of Rural Development (MoRD) and World Bank. It is proposed as a 6 years project, from 2021 to 2026 and one of the largest watershed management programs in the world.
Objectives:
- To improve land and water conservation and climate resilience in selected watersheds
- To strengthen capacities of national and state institutions to deliver more effective science-based watershed development programs in the country.
i.It will be funded in 70:30 proportion, 70% assistance will be provided by the World Bank and 30% by the State Governments.
ii.The participating states are Karnataka, Andhra Pradesh and Odisha.
iii.The project is also supporting thePrime Minister Krishi Sinchayee Yojna (Watershed Development Component) (WDC-PMKSY) with DoLR.
Key points:
i.The Government of India committed to restore 26 million hectares of degraded land by 2030 and doubling farmers’ income by 2023.
Note- In the 14th Session of the Conference of Parties of the United Nations Convention to Combat Desertification (UNCCD), India committed to restoration of 26 million hectares of degraded land by 2030 to achieve an additional carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent
ii.The introduction of diverse agro-based activities, which help to provide sustainable livelihoods to the people residing in the watershed area.
About World Bank:
Headquarters- Washington, D.C. United States
President– David Malpass
Founded-1944
Motto- ‘’Working for a World Free of Poverty’’
