India signs $250 Million Loan Agreement With World Bank for Rebuild Kerala initiative

India signs $250 Million Loan Agreement With World Bank for for Rebuild Kerala initiative

India signs $250 Million Loan Agreement With World Bank for Rebuild Kerala initiative

The Government of India, State Government of Kerala and World Bank signed a loan agreement of $250 million for the Kerala Resilient Programme.

Highlights: India signs $250 Million Loan Agreement With World Bank for Rebuild Kerala initiative

Development Policy Loan (DPL): The loan agreement was signed by Sameer Kumar Khare on behalf of the government, Manoj Joshi, Additional Chief Secretary, Finance, Kerala and Junaid Kamal Ahmad, Country Director, World Bank India.

The aid will support Kerala with improved river basin and water infrastructure operations management, water supply and sanitation services, resilient and sustainable agriculture, enhanced agriculture risk insurance.

Of the $250 million being provided, $160 million is on ‘easy terms’, an interest of less than 1.5% with a repayment period of 30 years. For the balance amount, the interest will be 4% and repayment period will be 20 years plus a ‘grace period’ or moratorium of five years.