World Bank Loan for Water Management Project | 27 Feb 2024

Why in News?

Recently, the Department of Economic Affairs under the Union ministry of finance has granted its approval to the state government's request for a loan from the World Bank for the ambitious Bihar Integrated Water Resources Management Project (BIWRMP).

Key Points

  • The BIWRMP, aligned with the state government's ongoing initiative 'Har Khet Tak Sinchai Ka Pani Nishay' and 'Jal-Jeevan-Hariyali Abhiyan', would be implemented in a span of six years.
    • It has an estimated cost of Rs 4,415 crore, out of which 30% would be borne by Bihar, while the World Bank would provide loan for the remaining 70%.
    • It will address the completion of the long-pending Western Kosi Canal Major Irrigation Project, but will also help restoration of age-old dams in Bihar.
    • It includes crucial projects of interlinking of rivers, control of excess water flow from major rivers to mitigate floods and employing new techniques for long-term protection of river embankments.
  • Advanced measures will be implemented in vulnerable areas along rivers like Ganga, Gandak, Kosi, Mahananda, Burhi Gandak, Kamala, Bagmati, etc. to safeguard them for long-term from erosion.

World Bank

  • It was created in 1944, as the International Bank for Reconstruction and Development (IBRD) along with the IMF. The IBRD later became the World Bank.
  • The World Bank Group is a unique global partnership of five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
  • The World Bank is one of the United Nations' specialized agencies.