India signs $96 mln pact with World Bank for Uttarakhand disaster recovery project

India signs $96 mln pact with World Bank for Uttarakhand disaster recovery project

Agency News

New Delhi, Mar 5 : The World Bank, the Centre and the Uttarakhand government on Tuesday signed a 96 million dollars loan agreement to provide additional funds to the state in its post-disaster recovery plans, ongoing since the floods of 2013, as well as strengthen its capacity for disaster risk management.

The loan agreement was signed by Department of Economic Affairs Additional Secretary Sameer Kumar Khare, Uttarakhand Finance and Disaster Management Secretary Amit Negi and World Bank acting Country Director Hisham Abdo. The 96 million dollars loan from the International Bank for Reconstruction and Development (IBRD) has a 5-year grace period and a final maturity of 15 years.

The World Bank, through the Uttarakhand Disaster Recovery Project, has been supporting the state government since 2014 to restore housing and rural connectivity, and to build resilience of communities. So far, the Project has completed more than 2,000 permanent houses and 23 public buildings and restored over 1,300 kilometers of roads and 16 bridges.

The additional financing of 96 million dollars will further help in the reconstruction of bridges, road and river bank protection works, and in the construction of a training facility for the State Disaster Response Force (SDRF).

The project will also help to increase the technical capacity of the state entities to respond promptly and more effectively to such crises in the future.

In June 2013, a heavy deluge caused devastating floods and landslides in the Himalayan State of Uttarakhand. The disaster, the worst of its kind since the 2003 tsunami, hit more than 4,200 villages, damaged 2,500 houses, and killed 4,000 people. (UNI)