World Bank Approves USD 200 Million Loan for Climate-Resilient Agricultural Transformation Project in Kerala.
Banking & Finance
The World Bank (WB) has approved a USD 200 million (Rs 1,655.85 crore) loan to support Kerala's agricultural sector through the Kerala Climate Resilient Agri-Value Chain Modernization (KERA) Project.
- The loan is provided by the WB's lending arm International Bank for Reconstruction and Development (IBRD) with a 23.5-year term and a 6-year grace period.
- This initiative will help farmers adopt climate-smart practices, improve market access, and promote women-led small businesses in agriculture.
Main Points:- (i) The WB has approved a Rs 2,365.5 crore project submitted by Kerala's State Agriculture Department during a meeting of the WB executive directors held on 31 October 2024.
(ii) The project has been sanctioned Rs 1,655.85 crore (USD 200 million) in assistance from the World Bank, with the Kerala state government contributing Rs 709.65 crore.
(iii) As a leading producer of spices like cardamom, vanilla, and nutmeg, Kerala accounts for approximately 20% of India's total agri-food exports.
About World bank (WB)
President : Ajay Banga
Headquarters : Washington, D.C
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