World Bank loan for Uttarakhand Disaster Recovery ProjectDate: 05 March 2019 Tags: Disaster & Disaster Management
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
- World Bank, through this Project is supporting Uttarakhand Government since 2014 to restore housing and rural connectivity and build resilience of communities.
- So far, under it construction of more than 2,000 permanent houses and 23 public buildings has been completed and restored over 1,300 kilometers of roads and 16 bridges.
- Additional financing of $96 million: It will further help in reconstruction of bridges, road and river bank protection works.
- It will also facilitate construction of training facility for State Disaster Response Force (SDRF).
- It will also help to increase technical capacity of state entities to respond promptly and more effectively to such crises in the future.
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.