MICROCAPITAL STORY: World Bank Approves USD 8.82 Million Credit for Microfinance for India’s Bihar Rural Livelihoods Project

The International Development Association, the concessionary lending arm of the World Bank, approves a USD 63 mm credit to the Bihar Rural Livelihoods Project in Bihar State in India. Of the 63 million, 14% (8.82 mm) will be devoted to microfinance (see breakdown of funds). The loan has a grace period of ten years and a maturity of 35 years. The objective of the project is to improve rural livelihoods in Bihar through institutions for the poor in 4,000 villages in the districts of Nalanda, Gaya, Muzzafarpur, Madhubani, Khagaria, and Purnea. The project is expected to directly benefit about 2.9 million people belonging to 590,000 households. The fund is likely to be released within a month.
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