World Bank and Government of India sign $250 million agreement to boost rural incomes in India

On 6th March 2019, the this loan agreement was signed for the National Rural Economic Transformation Project (NRETP), which will help women in rural households in 13 States to shift to a new generation of economic initiatives by developing viable enterprises for farm and non-farm products. A key focus of the project will be to promote women-owned and women-led farm and non-farm enterprises across value chains; enable them to build businesses that help them access finance, markets, and networks; and generate employment.

The $250 million NRETP loan has a 5-year grace period, and a final maturity of 20 years. It is additional financing to the $500 million National Rural Livelihoods Project (NRLP), which was approved by the World Bank in July 2011. The NRLP has so far mobilized more than 8.8 million women from poor rural households into 750,000 self-help groups (SHGs).

“The National Rural Livelihoods Project has mobilized close to 9 million rural women into strong self-managed institutional platforms, helping them access services, participate in Gram Sabhas and start engaging in income-generating activities. Many of these women are now geared towards moving into higher order economic initiatives in farm and non-farm sectors,” said Hisham Abdo, Acting Country Director, World Bank, India. “The new project will now help them engage purposefully in an evolving rural economy,” he added.

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[Thanks to Pramel G of Vrutti for sending this news]