New Delhi: Today, the World Bank sanctioned an added loan of $65 million (Rs 260 crore) to Andhra Pradesh Rural Poverty Reduction Project.

The World Bank said since its beginning in 2003, this programme has thus far bettered the lives of some 5.7 million women.

This added funding will support vital investments in institution and capacity building that will permit community institutions of poor women become sustainable and self-directed.

In addition, it will sustain investments in livelihood-based institutions, which include business franchises and producer companies.

Isabel Guerrero, World Bank Country Director said, “The results are very encouraging. Rural poverty has gone down, and incomes and savings have increased significantly.”

The project has mobilized some 5.7 million poor women, or 80 per cent of the poor in the project districts into nearly 470,000 Self-Help Groups.

The groups have utilized capital to pool funds and create small loans to one another and provide financial support for education, medical treatment, food and other small but important requirements.

The credit is offered by the International Development Association (IDA), the World Banks concessionary lending arm and has 35 years to maturity date and a 10-year grace period.