FinMin seeks loan from World Bank,IMF to rebuild Uttarakhand

The finance ministry has approached the World Bank and Asian Development Bank for financial assistance to rebuild Uttarakhand’s infrastructure

Written by ENS Economic Bureau | New Delhi | Published:July 3, 2013 1:01 am

The finance ministry has approached the World Bank and Asian Development Bank for financial assistance to rebuild Uttarakhand’s infrastructure.

“In view of the emergency situation,both ADB and the World Bank have been requested to fast track the processes of needs assessment,project preparation and approval,” the finance ministry said in a release.

The two multi-lateral development banks have promised full cooperation in a preliminary meeting with the department of economic affairs (DEA) in the finance ministry.

But to assess the funding requirements as well as project proposals,a joint mission of the World Bank and ADB,led by Shaktikanta Das,additional secretary,DEA will visit Uttarakhand soon,the release said.

Loans from these multi-lateral development banks would be passed on to Uttarakhand,which is a special category state,as 90 per cent grant and 10 per cent loan.

On Tuesday,Japan promised an emergency aid of $2,00,000 and help in reconstruction work in the state.

Prime Minister Manmohan Singh had,last month,announced financial support of Rs 1,000 crore to the state,of which Rs 145 crore was released immediately.

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