India: Strengthening Rural Credit Cooperatives Project

WASHINGTON, June 26, 2007 - The following project was approved today by the World Bank’s Board of Executive Directors:

 

IBRD LOAN: $300 million

TERMS: Grace = 5 years; Maturity = 20 years.

IDA CREDIT: US$300 million

TERMS: Grace = 10 years; Maturity = 35 years.

PROJECT DESCRIPTION: The project supports the Government of India’s program to reform and revitalize country’s rural credit cooperative banks, which include State Cooperative Banks, District Central Cooperative Banks, and Primary Agricultural Credit Societies. The project will assist in providing Central Cooperative Banks’ members, including small farmers, with significantly enhanced access to formal finance (credit, savings, etc.), by ensuring that the potentially viable Central Cooperative Banks in the participating states are transformed into efficient and commercially sustainable institutions.

 

For project details, please call Erik Nora at (202) 458-4735 or email:

enora@worldbank.org