India, World Bank sign deal for USD 236 million for disaster preparedness
Updated: Nov 12, 2013 05:21:16pm
New Delhi, Nov 12 (KNN) The government has signed agreements worth USD 236 million with the World Bank for disaster risk reduction initiatives to increase community resilience and preparedness in coastal areas of Tamil Nadu and Puducherry.
“The Financing and Project Agreements for World Bank assistance (IDA) of USD 236 million for Tamil Nadu-Puducherry Coastal Disaster Risk Reduction Project were signed between the Government of India, Government of Tamil Nadu and the Government of Puducherry and the World Bank here today” said an official release.
The financing agreement was signed by Economic Affairs Joint Secretary Nilaya Mitash and World Bank Country Director Onno Ruhl.
It is a specific investment loan for a period of five years.
The project will have components such as vulnerability reduction, sustainable fisheries, capacity building in disaster risk management, implementation support and contingency emergency response.
“The objective of the project is to increase the resilience of coastal communities in Tamil Nadu and Puducherry, to a range of hydro-meteorological and geographical hazards along with improving project implementation entities’ capacity to respond promptly and effectively to an eligible crisis or emergency,” it said.
The primary beneficiaries of the project would be around 150 coastal villages that would benefit from the risk mitigation infrastructures. Over 17,000 families are expected to benefit from the construction of in-situ permanent multi-hazard resilient houses, said the statement.
The IDA is an international financial institution of the World Bank Group which offers concessional loans and grants to the world’s poorest developing countries. (KNN/ST)
“The Financing and Project Agreements for World Bank assistance (IDA) of USD 236 million for Tamil Nadu-Puducherry Coastal Disaster Risk Reduction Project were signed between the Government of India, Government of Tamil Nadu and the Government of Puducherry and the World Bank here today” said an official release.
The financing agreement was signed by Economic Affairs Joint Secretary Nilaya Mitash and World Bank Country Director Onno Ruhl.
It is a specific investment loan for a period of five years.
The project will have components such as vulnerability reduction, sustainable fisheries, capacity building in disaster risk management, implementation support and contingency emergency response.
“The objective of the project is to increase the resilience of coastal communities in Tamil Nadu and Puducherry, to a range of hydro-meteorological and geographical hazards along with improving project implementation entities’ capacity to respond promptly and effectively to an eligible crisis or emergency,” it said.
The primary beneficiaries of the project would be around 150 coastal villages that would benefit from the risk mitigation infrastructures. Over 17,000 families are expected to benefit from the construction of in-situ permanent multi-hazard resilient houses, said the statement.
The IDA is an international financial institution of the World Bank Group which offers concessional loans and grants to the world’s poorest developing countries. (KNN/ST)
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