The World Bank, the Government of India, the State Governments of Karnataka, and Odisha, have signed a USD 115 million deal for the Rejuvenating Watersheds for Agricultural Resilience through Innovative Development Programme to help national and state governments adopt improved watershed management practices to help farmers become more resilient to climate change, improve incomes, and promote higher productivity.
About the REWARD Project
Rejuvenating Watersheds for Agricultural Resilience through Innovative Development (REWARD) is a project which is being implemented in three-four Indian states. It is planned as a six-year project and is one of the largest water management programs around the world.
This project Is a joint initiative of the Department of Land Resources, Ministry of Rural Development in association with the World Bank.
Financial Structure of the Project
World Bank’s lending arm, the International Bank for Reconstruction and Development (IBRD) will provide financial support of USD 115 million to this project. The loan has a 15 years maturity period with 4.5 years grace period.
Karnataka will receive USD 60 million, Odisha will receive USD 49 million while the remaining USD 6 million will be utilized by the Indian government’s Department of Land Resources.
The objective of the Project
- To improve water and land conservations as well as preventing soil run-off, harvesting rainwater, regenerating natural vegetation, and replenishing the groundwater table.
- The project also aims to improve the capacities of the state and the central institutions so that they can develop and deliver better watershed management and development programs.