Uttarakhand Disaster Recovery Project: India, World Bank sign USD 96 million loan for financing project
A tripartite loan agreement was signed between the Central Government, Uttarakhand Government and the World Bank for additional financial assistance of USD 96 million for the Uttarakhand Disaster Recovery Project.
The loan agreement would provide additional funds to Uttarakhand in its post-disaster recovery plans, ongoing since the floods of 2013. The agreement would also strengthen the capacity of the state for Disaster Risk Management.
The Loan Agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Union Ministry of Finance; Amit Negi, Program Director of Uttarakhand Disaster Recovery Project; and Hisham Abdo, Acting Country Director of World Bank India.
Highlights of the loan agreement
• The additional financing of $96 million will further help in the reconstruction of bridges, road and river bank protection works.
• It involves construction of a training facility for the State Disaster Response Force (SDRF).
• The Project will help increasing the technical capacity of the State to respond promptly and more effectively to such crises in the future.
• The USD 96 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a final maturity of 15 years.
Uttarakhand Disaster Recovery Project
In June 2013, a heavy torrential rain caused devastating floods and landslides in Uttarakhand. The disaster, the worst of its kind since the 2003 tsunami, had hit more than 4,200 villages, damaged 2,500 houses, and killed over 4,000 people.
Landslides and river bank erosion are common in the Himalayan state and continue to disrupt movement and cause accidents, affecting the livelihood and access to services of the local community.
The extent and pace of recovery under the Uttarakhand Disaster Recovery Project since 2013 has been significant.
The World Bank has been supporting the Uttarakhand Government since 2014 to restore housing and rural connectivity and to build resilience of communities through the Uttarakhand Disaster Recovery Project.
Status of the Project