Union Government has signed US $96 million loan agreement with World Bank to provide additional funds for Uttarakhand Disaster Recovery Project. The loan will be from International Bank for Reconstruction and Development (IBRD), lending arm of World Bank and has 5 final maturity of 15 years with 5-year grace period. The additional funds will help Uttarakhand in its post-disaster recovery plans, ongoing since the floods of 2013, as well as strengthen its capacity for Disaster Risk Management.
Uttarakhand Disaster Recovery Project
In June 2013, a heavy deluge had caused devastating floods and landslides in Uttarakhand. It was worst of its kind disaster India had faced since 2003 tsunami, hit more than 4,200 villages, damaged 2,500 houses, and killed 4,000 people.