The Rs 1,000 crore project is expected to improve the income of nearly 1.65 lakh households in Anantapur, Chittoor, Kadapa, Kurnool and Prakasam.
It was signed today in the North Block between the Centre, UN body International Fund for Agricultural Development (IFAD), and the Andhra Pradesh government's Drought Mitigation Project.
According to the agreement, IFAD will provide 50 per cent of the required sum (USD 75 million) over five years, and rest will be raised by the state, NABARD (National Agricultural Bank for Rural Development) and government schemes like NREGA, said B Rajasekhar, principal secretary in the Agriculture and Civil supplies department in the Andhra Pradesh government.
IFAD will monitor the project and, at the state level, a steering committee will oversee it.
The International Fund for Agricultural Development (IFAD) is an international financial institution and a specialised agency of the United Nations dedicated to eradicating poverty and hunger in rural areas of developing countries.
Disclaimer: No Business Standard Journalist was involved in creation of this content