World Bank approves $562 million in financing for 3 projects in India

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The World Bank has approved three loans totaling $562 million (approximately Rs 4,393.70 crore) to finance an education project in Gujarat, a social welfare program in Tamil Nadu and a recovery assistance project. fisheries sector post-pandemic, the multilateral funding agency said. Thursday.

The World Bank‘s Board of Directors has approved additional financing of $250 million for Outcomes for Accelerated Learning (GOAL), a program that aims to improve educational outcomes for children across Gujarat state, it said. he said in a statement.

GOAL funding will benefit an additional 3,000 schools that have been disproportionately affected by the Covid-19 pandemic.

In addition, the World Bank Board of Directors approved $150 million in funding to support the revival of the fisheries sector in India and $162 million in funding for the RIGHTS project aimed at strengthening fishing systems. social protection and the capacity of the State of Tamil Nadu to promote inclusion, accessibility and opportunities for persons with disabilities.

In 2020-2021, the fishing sector recorded losses of around $5.5 billion and fish production fell by almost 40% in one year due to the Covid-19 pandemic, said the multilateral funding agency.

The GOAL project financing complements the initial loan of $500 million, which was approved in March 2021. It is in line with the Bank’s rapid response framework which aims to reach every child regularly assess learning levels, prioritize teaching fundamentals and increase remedial learning, the World Bank said.
It also aims to develop the psychosocial health of students and teachers.

“This additional funding will expand the coverage of the original program from a total of 9,000 to 12,000 schools, while supporting new efforts to test the effectiveness of program interventions,” said Shabnam Sinha,

Senior Education Specialist and Task Team Leader for the project.

As part of the $150 million loan to support the recovery of India’s fisheries sector, the World Bank said it currently employs about 12 million people directly and another 13 million through associated activities.

The Covid-19 Fisheries Sector Recovery Project will complement the Government of India’s Pradhan Mantri Matsya Sampada Yojana, which aims to transform the sector in a sustainable way by introducing modern practices, improving access to finance and making it more sustainable. climate resistant.

Incentives for greater private investment in the fisheries sector in India have been limited, mainly due to lack of access to finance or credit, and the perception that the sector is high risk.

The project will help microenterprises access working capital by connecting them to government programs that provide financial support to farmers, such as the Kisan Credit Card and the Micro Units Development and Refinance Agency Limited (MUDRA).

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