India signs $8 million loan agreement with World Bank

NEW DELHI: India today signed a loan agreement worth USD 8 million with World Bank for sustainable livelihoods and adaption to climate change.

"A grant agreement for World Bank assistance of USD 8 million for sustainable livelihoods and adaptation to Climate Change (SLACC) Project has been signed between the Government of India and the World Bank," the Finance Ministry said in a statement.

The agreement was signed by Joint Secretary (MI) in Ministry of Finance Tarun Bajaj and World Bank's India Country Director Onno Ruhl.

The pact is aimed at improving adaptive capacity of the rural poor engaged in farm-based livelihoods to cope with climate change and scale up the demonstrated best practices and lessons into the government of India's National Rural Livelihoods Mission, the statement said.

National Rural Livelihoods Mission is the implementing agency, it added.