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World Bank President Kim takes to the stage to deliver remarks at the plenary session at the IMF-World Bank annual meetings in Washington

National Rural Economic Transformation Project

The World Bank will provide a $250-million loan for the National Rural Economic Transformation Project (NRETP) to help women in rural households develop viable enterprises for farm and non-farm products.

The $250 million loan has a 5-year grace period, and a final maturity of 20 years.

Key features of the NRETP

  • The World Bank and the GOI signed a $250 Million Agreement for the National Rural Economic Transformation Project (NRETP).
  • The project will help women in rural households shift to a new generation of economic initiatives by developing viable enterprise for farm and non-farm products.
  • The Project will be to promote women-owned and women-led farm and non-farm enterprises across the value chain.
  • It will also enable them to build businesses that help them access finance, markets and networks; and generate employment.
  • The NERTP will support enterprise development programs for rural poor women and youth by creating a platform to access finance including start-up financing options to build their individual and/or collectively owned and managed enterprises.
  • It will also support youth skills development, in coordination with the Deen Dayal Upadyaya Grameen Kaushalya Yojana.
  • The NRLP, which is currently being implemented across 13 states, 162 districts and 575 blocks, has so far mobilised more than 8.8 million women from poor rural households into 7.5 lakh self-help groups (SHGs).

World Bank

  • World Bank is one of five institutions created at Breton Woods Conference in 1944.
  • The World Bank is an international financial institution that provides loans to developing countries for capital programs.
  • It comprises of two institutions:
    • International Bank for Reconstruction and Development (IBRD) which lends to governments of middle-income and creditworthy low-income countries.
    • International Development Association (IDA) which provides interest-free loans—called credits— and grants to governments of the poorest countries.
  • Formation: July 1944.
  • Headquarters: Washington DC, United States.
  • Motto: Working for a World Free of Poverty.
  • Membership: 189 countries (IBRD), 173 countries (IDA)
  • The World Bank is one of the five components of the World Bank Group, which is part of the United Nations system.
  • World Bank Group also includes three more subsidiary organizations viz.
    • International Finance Corporation (IFC) which provides loans, equity and technical assistance to stimulate private sector investment in developing countries.
    • Multilateral Investment Guarantee Agency (MIGA) which provides guarantees against losses caused by non-commercial risks to investors in developing countries.

International Centre for Settlement of Investment Disputes (ICSID) which provides international facilities for conciliation and arbitration of investment disputes.

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