Wednesday charters..! World Bank to provide 250 Million dollar for NRETP to boost rural incomes in India

New Delhi, March 6: Viewing to promote women owned and women led farm and non-farm enterprises across value chains the Indian government and the World Bank have signed a USD 250 million agreement for the National Rural Economic Transformation Project (NREPT) in the national capital on Wednesday.

 

This venture is expected to help the women in rural households shift to a new generation of economic initiatives by developing viable enterprise for farm and non-farm products. Further it will enable them to build businesses that help them access finance, markets and networks and generate employment.

 

“The National Rural Livelihoods Mission (NRLM) aims to alleviate rural poverty and create sustainable livelihood opportunities in rural communities by promoting sustainable community-based institutions which will facilitate economic and financial services for the rural poor”, said Sameer Kumar Khare on behalf of the government.

He further said that this additional funding will help give impetus to the poverty alleviation measures by the Government and ensure equitable and inclusive growth in the country.

 

Meanwhile, Hisham Abdo, Acting Country Director, World Bank, India said that this particular 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”, he added saying that it will now help them engage purposefully in an evolving rural economy.

“This project aspires to transform the economic participation of SHGs and rural women entrepreneurs by helping them engage on a strong footing with formal private financing, expand women owned and women managed enterprises and increase women’s labour force participation in viable agriculture and non-farm economic activities”, read the statement.

 

The NRETP is an additional financing to the USD 500 million National Rural Livelihoods Project approved by the World Bank in July 2011. The $250 Million Loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a final maturity of 20 years.