The World Bank and the Government of India signed a $250 million agreement for the National Rural Economic Transformation Project (NRETP) which will help women in rural households shift to a new generation of economic initiatives by developing viable enterprises for farm and non-farm products.
A key focus of the project will be to promote women-owned and women-led farm and non-farm enterprises across value chains; enable them to build businesses that help them access finance, markets, and networks; and generate employment.
The National Rural Economic Transformation Project (NRETP) is additional financing to the $500 million National Rural Livelihoods Project (NRLP) approved by the World Bank in July 2011. The NRLP which is currently being implemented across 13 states, 162 districts, and 575 blocks, has so far mobilized more than 8.8 million women from poor rural households into 750,000 self-help groups (SHGs).
“The National Rural Livelihoods Project has mobilized close to 9 million rural women into strong self-managed institutional platforms, helping them access services, participate in Gram Sabhas and start engaging in income-generating activities. Many of these women are now geared towards moving into higher order economic initiatives in farm and non-farm sectors,” said Hisham Abdo, Acting Country Director, World Bank, India. “The new project will now help them engage purposefully in an evolving rural economy,” he added.
Since its launch in 2011, the National Rural Livelihoods Mission (NRLM) has mobilized 50 million poor rural women into self-help groups and their higher-level federations. These groups have leveraged nearly $30 billion from commercial banks.
The Project will continue to give technical assistance, skills building and investment support to strengthen women-owned and women-led producer collectives diversify into a high-value farm and non-farm commodities such as commercial crops and livestock products, and fisheries.
The $250 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a final maturity of 20 years.
Original source: World Bank
Published on 05 March 2019
