India signs USD 250 mn loan agreement with World Bank for Uttarakhand rehabilitation
Updated: Jan 09, 2014 05:16:03pm
New Delhi, Jan 9 (KNN) In order to assist the rehabilitation of flood hit Uttarakhand, a loan agreement for World Bank approved USD 250 million, Disaster Recovery Project was signed between the Government of India and the World Bank here today.
The objective of the project is to restore housing, rural connectivity and build resilience of communities in Uttarakhand and increase the technical capacity of the State entities to respond promptly and effectively to an eligible crisis or emergency.
“The primary beneficiaries of the project would be the communities in the State that would benefit from the restoration of housing, rural connectivity, and risk mitigation infrastructures,” according to an official release by Ministry of Finance.
“By strengthening disaster risk management systems and institutions, the Project has the potential to benefit the entire State of Uttarakhand,” the release added.
The project will have six components which are - Resilient Infrastructure Reconstruction, Rural Road Connectivity, Technical Assistance and Capacity Building for Disaster Risk Management, Financing Disaster Response Expenses, Project Implementation Support, and Contingency Emergency Response.
The Project constitutes a large multi-sector engagement on risk and vulnerability reduction, with assistance for reconstructing damaged infrastructure, restoring connectivity and improving technical support for enhancing disaster risk management systems.
The Project Design has incorporated lessons learned from previous national and global post-disaster recovery projects to ensure that the recovery is targeted, effective and is built back “smarter” in order to build resilience of local communities to risks in the future.
“It is a loan for an implementation period of four (4) years. Government of Uttarakhand is the implementing agency,” the release said.
The Loan Agreement was signed by Joint Secretary, Department of Economic Affairs, Ministry of Finance Nilaya Mitash and Country Director (India) of World Bank Onno Ruhl. (KNN/SD)
The objective of the project is to restore housing, rural connectivity and build resilience of communities in Uttarakhand and increase the technical capacity of the State entities to respond promptly and effectively to an eligible crisis or emergency.
“The primary beneficiaries of the project would be the communities in the State that would benefit from the restoration of housing, rural connectivity, and risk mitigation infrastructures,” according to an official release by Ministry of Finance.
“By strengthening disaster risk management systems and institutions, the Project has the potential to benefit the entire State of Uttarakhand,” the release added.
The project will have six components which are - Resilient Infrastructure Reconstruction, Rural Road Connectivity, Technical Assistance and Capacity Building for Disaster Risk Management, Financing Disaster Response Expenses, Project Implementation Support, and Contingency Emergency Response.
The Project constitutes a large multi-sector engagement on risk and vulnerability reduction, with assistance for reconstructing damaged infrastructure, restoring connectivity and improving technical support for enhancing disaster risk management systems.
The Project Design has incorporated lessons learned from previous national and global post-disaster recovery projects to ensure that the recovery is targeted, effective and is built back “smarter” in order to build resilience of local communities to risks in the future.
“It is a loan for an implementation period of four (4) years. Government of Uttarakhand is the implementing agency,” the release said.
The Loan Agreement was signed by Joint Secretary, Department of Economic Affairs, Ministry of Finance Nilaya Mitash and Country Director (India) of World Bank Onno Ruhl. (KNN/SD)
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