World Bank signs loan pact for NRETP to boost rural incomes in India
On 4th March 2019, the World Bank (WB) and the Government of India (GoI) has signed a $250 million loan agreement for the National Rural Economic Transformation Project (NRETP) to boost Rural Incomes across 13 States in India. The loan will help women in rural households develop viable enterprises for farm and non-farm products. The $250-million loan from the International Bank for Reconstruction and Development (IBRD) has a 5-year grace period, and a final maturity of 20 years. The key focus of the NRETP will be to promote women-owned and women-led farm and non-farm enterprises across value chains; to enable them to build businesses that help them access finance, markets and networks; and to generate employment. The NRETP is an additional financing to the $500-million National Rural Livelihoods Project (NRLP) approved by the World Bank in July 2011. The NRLP, which is currently being implemented across 13 states, 162 districts and 575 blocks, has so far mobilised more than 8.8 million women from poor rural households into 7.5 lakh Self-Help Groups (SHGs).
Topics: Economy • Finance • International Bank for Reconstruction and Development • Microfinance • National Bank for Agriculture and Rural Development • Organizations • Rajiv Gandhi Mahila Vikas Pariyojana • Self-help group • United Nations Development Group • World Bank