World Bank injects $ 96-mn for infra development in U'khand

The World Bank, the Centre and the Uttarakhand government have signed a $ 96 million loan agreement to provide additional funds to the state in its post-disaster recovery plans. The state is engaged in strengthening its capacity for disaster risk management activities since 2013 when the tragedy of flash floods and destruction struck. World Bank Acting Country Director Hisham Abdo said that the loan from the International Bank for Reconstruction and Development (IBRD) has a 5-year grace period and a final maturity of 15 years. The World Bank, through the Uttarakhand Disaster Recovery Project, has been supporting the state since 2014 to restore housing and rural connectivity. So far, the project has completed more than 2,000 permanent houses and 23 public buildings, and restored over 1,300 km of roads and 16 bridges. The new funding will further help the state administration in the reconstruction of bridges, roads and river bank protection works.