Online edition of India's National Newspaper
Thursday, Jul 12, 2007
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Online edition of India's National Newspaper Thursday, Jul 12, 2007 ePaper |
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Andhra Pradesh
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Hyderabad
Bank lauds the performance of the project The project helped in mobilising 57 lakh poor women
HYDERABAD: Impressed by the progress of works launched under the Andhra Pradesh Rural Poverty Reduction Project, popularly known as Velugu, the World Bank has approved additional financial assistance of US $ 65 million (about Rs. 275 crores) for it. The money will be used to fund critical investments in 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. The World Bank board, which met in Washington on Monday, lauded the performance of the project that helped in mobilising about 57 lakh poor women or 80 per cent of the poor in the six project districts into nearly 4.7 lakh SHGs. Small loans
The groups used seed money to pool resources and make small loans to each other that helped pay for education, medical treatment, food and other small but important needs. The SHGs formed federations and even began to deliver insurance, ambulance, extension, commercial and Government services. They have collective savings of over Rs. 1,000 crore and leveraged commercial bank linkages of Rs. 3,700 crore since 2003. Assests
The bank was appreciative of the enhancement of the average amount of assets owned by an SHG from Rs. 71,000 to Rs. 1.21 lakh in the last two years while the average annual income increased from Rs.15,000 to Rs. 23,500 during the same period. World Bank country director Isabel Guerrero said poor rural women in the State, especially the vulnerable and marginalised, are now making decisions which affect their lives and livelihoods.
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