Uttarakhand Floods: World Bank & ADB to give $400m

The World Bank and the Asian Development Bank (ADB) on Tuesday agreed to provide $ 400 million for reconstruction and rehabilitation in the disaster-hit areas in Uttarakhand.

In a meeting presided by Uttarakhand Chief Secretary Subhash Kumar, it was decided that the money would be spent in works in sectors including the housing, tourism, irrigation, agriculture, education, and health sector.

State Principal Secretary Rakesh Sharma said of the total money received, $ 95 million would be spent in the construction of roads. Also, $ 20 million would be given to the five hydro-power projects that are funded by the ADB and have been damaged due to the mid-June catastrophe.

Ninety percent of the $ 400 million will be paid back by the Central government and 10 percent will be paid by the State government.

In the last week of July, a team comprising members of the World Bank and the ADB came to Uttarakhand to analyse the extent of damage in the monsoon-ravaged areas in the State.

Ajay Kumar Pradyot, Secretary, Micro, Small and Medium Enterprises, said: “At present, the team has done a preliminary survey of the extent of the disaster. A fact-finding team of the World Bank and the ADB will visit the State by the end of August to verify the preliminary findings.”

Source: http://www.thehindu.com/news/national/other-states/uttarakhand-floods-world-bank-adb-to-give-400m/article4996581.ece