India, ADB sign $100 Million Loan pact on Cauvery basin development
India and the Asian Development Bank (ADB) have signed a 100 million dollars loan agreement for irrigation projects, drainage system and water management in Vennar sub-basin of Cauvery delta in Tamil Nadu.
The project seeks to improve water management and strengthen embankments of 6 major irrigation water channels in Vennar system.
Cauvery river basin is a critical source of water for agriculture in Tamil Nadu and neighbouring states. The vast majority of the delta’s population is engaged in farming and fishing.
Earlier due to lack of investment the left irrigation system was unable to meet user demand and increasingly vulnerable to floods and droughts.
- The project aims to improve existing infrastructure and also provide flood protection and renewed access to irrigation.
- The loan funds will support Tamil Nadu’s water resources professionals to manage resources better, and with greater involvement of the stakeholders they service.
- Under it, flood forecasting and warning systems will be also installed. A flood risks map will be also drawn to help communities respond more effectively to extreme events.
- The loan will be provided from ADB’s ordinary capital resources which has a 25-year term. The project is expected to be completed by December 2020.
About Asian Development Bank (ADB)
ADB is multilateral lending agency based in Manila, Philippines. It is dedicated to reduce poverty in Asia and the Pacific region through inclusive economic growth, environmentally sustainable growth, and regional integration. It is collectively owned by 67 members – 48 from the region including India.
Month: Current Affairs - July, 2016