New Delhi, Dec 27 (KNN) The Asian Development Bank (ADB) has said that the condition for loan effectiveness of the amended and restated loan agreement on the restructured Khadi Reform and Development (KRD) Program Loan has been met.

Accordingly, the amended and the restated loan agreement on the restructured Khadi Program Loan has been declared effective from December, 20, 2016.

Amount of $45 million has been cancelled from the loan account effective from December, 20, 2016, said a notification.

The main objective of KRD is to ensure better earning for artisans and involve them in the implementation of the khadi program.

KRD also plans to position khadi in tune with the current market requirements and develop khadi as a global brand. The KRDP also provides support for development of five identified traditional village industries such as handmade paper, honey, herbal health and cosmetics, leather and agro food processing industry.

M.Teresa Kho, Country Director, Asian Development Bank had informed the Joint Secretary, Department of Economic Affairs about the conditions meet. (KNN/RAS)