NEW DELHI, July 3, 2013: The Finance Ministry is seeking assistance from the World Bank and the Asian Development Bank for rebuilding infrastructure in flood-ravaged Uttarakhand.

Both multilateral development banks (MDBs) “have been requested to fast- track needs assessment, project preparation and approval [in view of the emergency situation],” the Ministry said in a statement here on Tuesday.

The recent heavy rains, flash floods and landslides caused extensive damage to roads, bridges, embankments, public buildings and houses.At a preliminary meeting held already with the two banks in the Department of Economic Affairs (DEA) office, their representatives have given assurance of full cooperation. A joint mission of the two MDBs, led by DEA Additional Secretary Shaktikanta Das, will shortly visit Uttarakhand and interact with government officials to assess the needs of the State and firm up project proposals for long-term recovery. As Uttarakhand is a ‘special category’ State, the Centre will pass financial assistance to it as 90 per cent grant and 10 per cent loan.

Source: The Hindu, DT. July 3, 2013.