International Fund for Agricultural Development (IFAD):
IFAD’s strategy in India centres on improving the access of rural sectors to economic and social resources. By working in close partnership with the Government of India and other donors, IFAD funds projects for rural development, tribal development, women's empowerment, natural resources management and rural finance. Since 1979, the organization has financed 21 programmes and projects, approving loans for a total of approximately US$564.4 million.
IFAD assistance for Maharashtra Rural Credit Project - (SDR 17.77 M)
The IFAD assisted MRCP was under implementation since January 1994 in 12 districts of Maharashtra. The project implementation came to an end on 31 March 2002. It covered 1483 villages in 12 districts of Maharashtra through 677 branches of 8 commercial banks, 7 DCCBs and 5 RRBs. The IFAD funded nearly 60% of the total project outlay of US $ 48.4 million by way of soft loan to Government of India (GoI). The balance amount was funded by GoI, Government of Maharashtra and the participating banks. The project resulted in uplifting nearly 78000 individuals above the poverty line. The number of SHGs formed in the project area crossed 9000 mark with 90% of SHGs being exclusively women groups. Nearly 8000 SHGs were linked to banks. There were 1483 Village Development Councils functioning as Peoples' Representative Bodies in the project villages. The project made a positive impact not only on the living conditions of the rural poor in the project area but also brought about a change in the attitude among bankers and Government functionaries at grass root level. The amount of loan sanctioned for the project was SDR 15.24 million.