Bhubaneswar, Aug 10 (IANS): The Odisha government on Friday signed a subsidiary agreement for the implementation of a project on climate change for massive groundwater recharge.

The Department of Water Resources signed the agreement with the National Bank for Agriculture and Rural Development (NABARD) in the presence of Chief Minister Naveen Patnaik here.

The $166.30 million (approximately Rs 1,115 crore)-project will be implemented in 15 districts across the state in five years.

The South Korea-based Green Climate Fund will provide $34.36 million (approximately Rs 232 crore) to the state government as financial assistance through NABARD.

The Chief Minister said that the state government will arrange for the remaining amount through convergence funding.

He said that this will be the country's first project from the Green Climate Fund.

To address the adverse impact of climate change on the water sector, the state government had submitted a proposal to Green Climate Fund.

Under the project, 10,000 ponds will be renovated and the recharge structure will be constructed to conserve surplus rainwater.

"Apart from renovation and improvement of 10,000 ponds, the project envisages shafts to recharge water to the aquifers, development of 1,000 deep bore wells with solar pumping based micro irrigation and capacity building of farmers," said the Chief Minister.