World Bank signs a Loan Agreement for Dam Rehabilitation & Improvement Project (DRIP)

  • The World Bank, government of India and representatives of five Indian state governments have signed a loan agreement for additional financing of $137 million for the Dam Rehabilitation and Improvement Project (DRIP).
  • The $137 million loan from the International Bank for Reconstruction and Development (IBRD) has a three-year grace period and a final maturity of 16 years.
  • This project will help rehabilitate and modernize more than 220 selected large dams in the states of Karnataka, Kerala, Madhya Pradesh, Odisha, Tamil Nadu and Uttarakhand.

Reasons for Signing the Loan Agreement

  • To Mitigate Effects of Erratic Rainfall Pattern: Rainfall in India occurs mainly in ....
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