India signs $360m credit agreement with world bank

India on Saturday signed an agreement for credit of USD 360 million from World Bank to finance its water restructuring projects, Indias Finance Ministry said. Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India, Nilaya Mitash, signed the credit agreement with Onno Ruhl, Country Director, World Bank on behalf of the World Bank, the ministry added The ministry said the World Bank money would be utilized in the northern state of Uttar Pradesh for Water Sector Restructuring Projects. "The Objective of the project is to support the State Government (Uttar Pradesh) on capacity building of Water Users Association (WUA), rehabilitation and modernization of Irrigation and Drainage systems, rehabilitation of dams, development of Basin River planning strategies, groundwater studies, knowledge base and flood management systems," the ministry noted. The ministry further informed that the Projects Development objective is to strengthen the institutional and policy framework for integrated water resources management for the entire State, adding, and to increase agricultural productivity and water productivity by supporting farmers in targeted irrigation areas