Industry & Economy
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Infrastructure
World Bank clears $60-m credit for Himachal project
Our Bureau
New Delhi
,
Dec. 14
THE World Bank on Wednesday approved a credit of $60 million for the Himachal Pradesh Mid-Himalayan Watershed Development Project.
The project is designed to assist the Government of Himachal Pradesh to reverse degradation of its natural resource base, improve the productive potential of natural resources and boost rural incomes.
Despite the growing importance of tourism and hydropower, the economy of Himachal Pradesh remains largely agrarian. Around 28 per cent of the State's six-million residents live below the poverty line. Constraints to rural development include rugged topography and poor access to social and economic services.
"Himachal Pradesh has shown a consistent commitment to increase productivity of rural areas while preserving its natural heritage," said Mr Michael Carter, World Bank Country Director for India.
"This operation will support policy and institutional development to improve management of watersheds, while enhancing livelihood opportunities of the poor across the State," he said.
The credit from the International Development Association, the World Bank's concessionary arm, has a maturity period of 40 years with a 10-year grace period and carries a service charge of 0.75 per cent.
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