Who: Union Government, World Bank
What: Signed Financing Agreement
When: 20 January 2016
Why: For Bihar Kosi Basin Development Project
The Union Government and World Bank on 20 January 2016 signed the Financing Agreement for World Bank (IDA) assistance of 250 million US dollars for Bihar Kosi Basin Development Project.
The Financing Agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs, Union Government and Onno Ruhl, Country Director in India, World Bank.
It is a loan for an implementation period of 5 years. Bihar Government will be the implementing agency.
Highlights of the Bihar Kosi Basin Development Project
• The objective of the project is to enhance resilience to floods and increase agricultural production and productivity in the targeted districts in the Kosi River Basin.
• It aims to enhance Bihar’s capacity to respond promptly and effectively to an eligible crisis or emergency.
• The primary beneficiaries will be rural producers and households in the Kosi River Basin who are regularly exposed to floods.
• It has five components: (i) Improving Flood Risk Management; (ii) Enhancing Agricultural Productivity and Competitiveness; (iii) Augmenting Connectivity; (iv) Contingent Emergency Response; and (v) Implementation Support.