World Bank funds Indian state's anti-poverty project

The World Bank is providing $65 million to support the Rural Poverty Reduction Project in India’s Andhra Pradesh state. “This additional financing will finance critical investments in institution and capacity building, which will allow community institutions of poor women become sustainable and self-reliant. It will also support investments in livelihood-based institutions like business franchises and producer companies,” World Bank Country Director Isabel Guerrero said. “This project has been critical in developing self-help managed institutions for the poor,” Guerrero added. The said institutions have amassed $226.7 million in collective savings and $883 million in commercial bank linkages since the project started in 2003. “The groups have used seed money to pool resources and make small loans to each other help pay for education, medical treatment, food, and other small but important needs,” the bank stated.

Source: World Bank okays USD 65 mn credit for Andhra project (Times of India)

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