The Board of Executive Directors of the World Bank has approved a project worth $325.10 million to increase the income of farmers and strengthen the agricultural sector of Uttar Pradesh. The project aims to increase crop productivity, adopt digital technologies and promote climate-friendly agricultural practices.
According to an official statement, this project will also include private investment of $15 million, which will strengthen market relations. This project has been named “UP-Agris Yojana” (Uttar Pradesh Agriculture Growth and Rural Enterprise Ecosystem Strengthening Project).
How will farmers benefit?
Financial access will be improved along with strengthening the agricultural value chain.
New financial instruments like e-KCC (Electronic Kisan Credit Card) will be introduced, which will be affordable and transparent.
This project will directly benefit one million farmers of Eastern Uttar Pradesh and Bundelkhand.
Emphasis on climate-friendly technology
Auguste Tano Koume, Country Director of the World Bank in India, said that the project will promote sustainable practices like low methane emission rice varieties, biogas production from rice residues and optimized use of fertilizer. This will reduce the climate impact of agriculture. Under the project, a dedicated center will also be set up to provide training on climate adaptation strategies to government officials and farmers.
loan and tenure
The project is based on a $325.10 million loan from the International Bank of Reconstruction and Development (IBRD), with a final maturity of 33.5 years and a grace period of 6 years. The project’s task team leaders Vinayak Ghate, Andrew Goodland, and Harsh Jhanjariya Said that under this scheme, special work will be done with women farmers and entrepreneurs. Under this, climate-friendly technologies and farmgate infrastructure will be strengthened. Resources will be collected for this project from many countries and institutions including France, Israel and Gates Foundation.
Potential benefits of the project
- improve productivity
- employment generation
- Increase in farmers’ income
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