The World Bank is directing close to $8 million towards a watershed development project in Uttarakhand. The project, which started in 2004, required additional funds due to an increase in the price of goods and services since then. The watershed project has been developed to support agribusiness activities in the state.

(RTTNews) – India and multilateral funding agency World Bank on Monday signed agreements to provide additional support of $7.98 million to Uttarakhand”s ongoing watershed development project, which will support ongoing agribusiness activities in the state.

The need for additional funds was brought about mainly due to increases in prices of goods and services since the project began in 2004, the Ministry of Finance said in a statement.

The credit is provided by the World Bank’s fund for the poorest, the International Development Association (IDA), and has 35 years to maturity and a 10-year grace period. Uttarakhand is currently implementing 2 state projects together amounting to $203 million.

by RTT Staff Writer