Mumbai : National Bank for Agriculture and Rural Development (Nabard) said it has sanctioned Rs 19,702 crore loan to National Water Development Agency (NWDA) for 50 irrigation projects. The loan is sanctioned under Long Term Irrigation Fund (LTIF), announced by Finance Minister Arun Jaitley during the Budget 2016-17. This would help create additional irrigation potential of 39.14 lakh hectares under these projects in 11 states, Nabard said in a statement. Nabard gave the first instalment of Rs 1,500 crore to NWDA, which is an agency of Ministry of Water Resources. Loan released by Nabard to NWDA would be disbursed to the respective state governments as central share in the projects sanctioned, reports PTI.The total fund requirement of all the irrigation projects come under Long Term Irrigation Fund (LTIF).
