Govt of India and Govt. of Maharashtra Signed an MoU with World Bank for USD 420 Million Help for Farmers

Govt of India and Govt. of Maharashtra Signed an MoU with World Bank for USD 420 Million Help for Farmers

The project is expected to benefit over 7 million people spread over an area of 3.0 million ha and cover 5,142 villages across 15 most climate vulnerable districts of the region.The $420 million loan from the International Bank for Reconstruction and Development (IBRD), has a 6-year grace period, and a maturity of 24 years.

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The Central government and the Maharashtra state government and the World Bank signed a US$ 420 million project to help Small and Marginal farmers in the Marathwada and Vidarbha regions of Maharashtra.

The project will help inincreasing climate resilient practices in agriculture and ensuring that farming continues to remain a financially viable activity for them.

The project is expected to benefit over 7 million people spread over an area of 3.0 million ha and cover 5,142 villages across 15 most climate vulnerable districts of the region.The $420 million loan from the International Bank for Reconstruction and Development (IBRD), has a 6-year grace period, and a maturity of 24 years.

The Maharashtra Project for Climate Resilient Agriculture will be implemented in rural areas largely dependent upon rainfed agriculture.

The project will take up a series of activities at the farm and watershed level. It will scale up climate-resilient technologies such as micro irrigation systems, expand surface water storage, and facilitate aquifer recharge, which is expected to directly contribute to a more efficient use of scarce water resources.

By adopting climate-resilient seed varieties which have short maturity, are drought and heat resistant, and salt tolerant, the project will help reduce risks of climate-related crop failure, and help enhance farmer’s income.

In recent years, climate variability has affected agriculture in Maharashtra, where farming is largely dominated by small and marginal farmers.

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