World Bank, Fin Min sign loan agreement worth USD 200 mn

ANI | Updated: Oct 30, 2017 17:56 IST

New Delhi [India], Oct. 30 (ANI): The Ministry of Finance and the World Bank on Monday announced the signing of a loan agreement worth USD 200 million for the Assam Agribusiness and Rural Transformation Project.

"Project will support Assam Govt. to facilitate agri-business investments, increase agriculture productivity and market access among others," the Finance Ministry said in a tweet.

It added that the project will also enable the small farm holders to produce crops that are resilient to recurrent floods or droughts in the state.

"The USD 200 million loan from International Bank for Reconstruction and Development (IBRD), has a seven year grace period, and a maturity of 16.5 yrs," added another tweet.

However, the World Bank will release it's 'Doing Business' report on October 31.

Following this, Prime Minister Narendra Modi had reportedly ordered ministries to work towards improving India's rank in the Ease of Doing Business. (ANI)