- The Asian Infrastructure Investment Bank (AIIB) inked a USD 145 million loan agreement with the Government of India (GoI) to improve Irrigation Services and Flood Management in the Damodar Valley Command Area (DVCA) in West Bengal state.
- The loan agreement was signed by Sameer Kumar Khare, Additional Secretary of Department of Economic Affairs, Ministry of Finance on behalf of the Government of India; Krishna Gupta, Principal Resident Commissioner, on behalf of the Government of West Bengal and Rajat Misra, Director General (Acting) on behalf of the AIIB.
- Highlights,
- This investment is focused on improving the livelihood of farmers and boosting the regional economy. The project will help thousands of farmers get adequate water by improving irrigation efficiency through infrastructure rehabilitation and modernization.
- The West Bengal Major Irrigation and Flood Management Project will benefit about 2.7 million farmers from five districts of West Bengal across 393,964 ha area with better irrigation services and improved protection against annual flooding to mitigate the impact of climate change.
- Asian Infrastructure Investment Bank (AIIB),
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank, that was formed on 16 January 2016. Its headquarter is in Beijing, China.
- Its main objective is to support the building of infrastructure in the Indo-Pacific region. The bank currently has 78 members as well as 24 prospective members from around the world.
- At present, the President of AIIB is Jin Liqun.
Published On : 18 May 2020
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