India inks $250-million loan pact with World Bank for Andhra Pradesh Disaster Recovery project
India has inked a financing agreement with World Bank (WB) to raise US 250 million dollars financial assistance for Andhra Pradesh Disaster Recovery Project (APDRP).
The agreement was signed by the Union Government, Andhra Pradesh government and the World Bank in New Delhi.
About Andhra Pradesh Disaster Recovery Project (APDRP)
- Objective: To restore, enhance resilience and improve public services, livelihoods and environmental facilities in targeted communities of Andhra Pradesh.
- It also seeks to increase the capacity of the state to promptly and effectively respond to crisis or emergency.
- Beneficiaries: It includes approximately 3 million populations in 4 heavily impacted districts of state viz. Srikakulam, Visakhapatnam, Vizianagaram and East Godavari.
- Components of Project: It has seven components which will provide both direct and indirect benefits to state. They are restoration of connectivity and shelter infrastructure, resilient electrical network, restoration and protection of beach front, restoration of environmental services and facilities and livelihood support.
- It also includes implementation support and contingency emergency response and capacity building and technical support for disaster risk management.
- Implication: With the help of this WB fund, state can enhance its capacity to respond promptly and effectively in times disasters and natural crisis.
Month: Current Affairs - July, 2015