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GOI & AIIB sign agreement for USD 145 million to Protect Indias Poorest from COVID-19 pandemic

GOI & AIIB sign agreement for USD 145 million to Protect Indias Poorest from COVID-19 pandemic

Saturday 16th May 2020

The Government of India (GoI), West Bengal state government, and the Asian Infrastructure Investment Bank (AIIB) signed a loan agreement for a $145 million project. The main objective is to improve flood management and irrigation services in the Damodar Valley Command Area (DVCA) in West Bengal state.

Finance Ministry said, the West Bengal Major Irrigation and Flood Management Project will benefit about 27 lakh farmers from five districts of the state with better irrigation services and improved protection against annual flooding.

“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 the irrigation efficiency through infrastructure rehabilitation and modernization” said AIIB Vice President, Investment Operations Shri D.J. Pandian.“Furthermore, the investment also includes flood protection measures that will significantly reduce damages endured by farmers’”.

The DVCA is over 60 years old requires modernisation. The project will invest in measures to reduce flooding, including strengthening of embankments and desilting.

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