The Asian Development Bank (ADB) and the Government of India today signed a $91 million loan to modernize the Vijayanagara Channel irrigation systems and prepare river basin management plans in the Krishna river basin that will help improve irrigation water use efficiency and contribute to improving sustainable water security in Karnataka.
- The signatories to the second project loan for the Karnataka Integrated and Sustainable Water Resources Management Investment Program (IWRM) were Department of Economic Affairs, Ministry of Finance (Government of India) and Country Director of ADB’s India Resident Mission.
Purpose of investment
The investment program will help Government of Karnataka in strengthening its institutions involved in integrated water resource management and modernizing the irrigation system infrastructure for improving water use efficiency in the State.
The investment program, consisting of two project loans.
- The first project is helping the modernization of the Gondi irrigation system and supporting the state with preparing a new water resources policy and other water governance strengthening activities.
- The project interventions are also tackling inefficient water use in agriculture that accounts for over 84% of the state’s total water use. This will improve water availability to meet the rising demand from other users in the state.
Asian Development Bank (ADB)
- The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966.
- ADB is headquartered in Manila, Philippines. It aims to promote social and economic development in Asia.
- ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
- Japan holds the largest proportion of shares in ADB followed by the USA.