Uttarakhand to get $450 million loan from World Bank and ADB
A loan of $450 million has been approved by the World Bank and the Asian Development Bank for post-disaster reconstruction and rehabilitation in Uttarakhand. The WB and the ADB will provide $250 million and $200 million, respectively. Both the banks are working on identification and implementation of the project components on which the $450 million will be spent.
How these funds from WB and ADB will be utilized?
Utilization of WB Funds:
Loan from the WB will be used to build bridges and village roads that were damaged during the calamity. A significant portion of funds will also be spent towards strengthening of the State Disaster Management Authority (SDMA) by capacity building. The State disaster management system will conduct river morphology studies and will also install an early warning system and disaster risk mitigation system. A part of WB funds will be spent on housing projects. It will fund rebuilding of houses that were damaged during disaster.
Utilization of ADB Funds:
The ADB funds will be used for four components:
- Reconstruction of State highways and major district roads.
- Reconstruction of properties belonging to the tourism department which were damaged in the disaster.
- Construction of a helipad network in the State as helicopters helped in saving thousands of lives during the disaster.
- Restoration of the urban drinking water supply which was disrupted after the disaster.
Categories: India Current Affairs 2017