World Bank Approves Funding for New Initiative to Enhance Earnings of Farmers in Uttar Pradesh
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New Delhi, Dec 13 (NationPress) The Board of Executive Directors of the World Bank has given the green light to a project worth $325.1 million in Uttar Pradesh aimed at boosting farmers' incomes by enhancing crop productivity, integrating digital technologies, and adopting climate-resilient practices, alongside strengthening market connections. This initiative also seeks to mobilize $15 million in private funding to facilitate these efforts, as stated in an official announcement made on Friday.
The $325.10 million Uttar Pradesh Agriculture Growth and Rural Enterprise Ecosystem Strengthening (UP-AGREES) Project is set to fortify agricultural value chains, improve financial accessibility, and create avenues for value addition. Additionally, innovative financial tools will be introduced to ensure timely, affordable, and transparent access to credit, such as the Kisan Credit Card (eKCC). This initiative is expected to benefit one million producers across the Eastern UP and Bundelkhand regions within the state, as indicated by the statement.
“The project will advocate for sustainable methods such as low-methane rice varieties, collection of rice residues for biogas production, and optimized fertilizer application, which will mitigate agriculture's impact on climate change while enhancing productivity,” stated Auguste Tano Kouame, the World Bank’s Country Director for India. “Furthermore, the project will set up a specialized center dedicated to enhancing the capacity of government officials and farmers regarding climate adaptation strategies.”
The $325.10 million loan from the International Bank for Reconstruction and Development (IBRD) has a total maturity period of 33.5 years, which includes a grace period of six years.
This initiative will aid in reinforcing the ecosystem for digital services and agricultural financing. It will motivate private sector organizations to offer solutions via market-driven approaches. The project will also extend support to geographic clusters for agricultural commodities and fisheries—networks comprising producers, agribusinesses, and public institutions all operating within the same subsector. Additionally, assistance will be provided for the proposed Integrated agri-export hub near Jewar Airport, Greater Noida.
“The Project will particularly focus on collaborating with women farmers and entrepreneurs to adopt climate-resilient and advanced digital technologies, improving farmgate infrastructure, and enhancing market connections at both local and global levels,” commented Vinayak Ghatate, Andrew Goodland, and Harsh Jhanjaria, the Task Team Leaders for the project. “This will contribute to boosting productivity, generating employment, and increasing incomes.”
The Project will also leverage resources from various partners, including the governments of France, Israel, and the Gates Foundation, to support its various initiatives, as noted in the statement.
