World Bank and GoI sign agreement for REWARD project.

Why in news?

• The Government of India (GoI), and the World Bank signed loan agreements of USD 115 million to implement the “Rejuvenating Watersheds for Agricultural Resilience through Innovative Development” (REWARD) Project in the states of Karnataka and Odisha with the support of the respective governments.
• REWARD is a $115 million project signed by Central government, Karnataka, Odisha, and World Bank.
• The International Bank for Reconstruction and Development (IBRD), lending arm of World Bank Group financing will support the $115 million loan has a maturity of 15 years, including a grace period of 4.5 years.
• Karnataka with $60 million ,
• Odisha with $49 million , and
• The remaining $6 million will be for the central government’s Department of Land Resources.
• It will help in the adoption of improved watershed management practices that further help increase farmers’ resilience to climate change, promote higher productivity and better incomes.
• Watershed management refers to implementing land use practices and water management practices to protect and improve the quality of the water and other natural resources within a watershed.
• REWARD Project:
• This project is an initiative of the Department of Land Resources (DoLR), Ministry of Rural Development (MoRD) and World Bank. It is proposed as a 6 years project, from 2021 to 2026 and one of the largest watershed management programs in the world.