World Bank to invest $1 bn on railway, agriculture projects in Maharashtra

MUMBAI: The world bank has agreed to make an investment of 1 billion dollars (Rs 7,000 crore approximately) as direct finance in Maharashtra on a railway augmentation project and a climate resilient agriculture project in he drought affected districts.
This investments is the highest when compared to any other states, it will be done over a period of 18-20 years at an interest of Libor plus rates.
The MUTP-III project is a Rs 10,000 crore project and aims at capacity building of the already over stretched railway network. The project will be executed in a 50:50 sharing basis between the railways and the state government. "Our main aim is to moot for a safe, smooth and comfortable ride for the passengers of the city," said Chief executive office of World Bank, Kristalina Georgieva who was in the city of Tuesday and also travelled on the western railway.
Another large chunk of the funds will also been allotted for a climate resilient farming projects that the state government will be taking up in over 5000 villages in the drought affected areas like Vidarbha and Marathwada. Under this project water conservation, change in agriculture pattern to boost productivity and to make these villages more resilient towards the changes in the climate due to climate change.
"Farmers who don't even contribute to the climate change are the most vulnerable to climatic changes and through these projects we are trying to reduce their vulnerability," said Georgieva. The formal world bank board is yet to green light the agriculture project, but she said that they were keen on funding that.