The Asian Development Bank on Wednesday signed a USD 200 million loan agreement with India to help rehabilitate people who were affected by floods and landslides in Uttarakhand last June.
"The loan will help in the economic and social recovery of Uttarakhand by rebuilding roads and bridges, tourism infrastructure, and urban water systems, and by improving disaster preparedness," ADB India Resident Mission Country Director M Teresa Kho said.
Meanwhile, on his 3-day visit to India, ADB President Takehiko Nakao met Finance Minister P Chidambaram yesterday and exchanged views about the development issues facing India and discussed the emerging macroeconomic challenges.
Nakao, in Uttarakhand today, met the state's Chief Minister Harish Rawat.
On top of the USD 200 million loan, ADB is also providing USD 15 million to repair damaged energy installations under an already approved USD 300 million ADB financing facility that has been earmarked for the Uttarakhand power sector.
The ADB loan will be used to rebuild 2,400 km roads and reconstruct 16 damaged bridges in the state.
Damaged urban infrastructure including roads will also be rebuilt, and water supply facilities, including water treatment plants and water pipelines, will be rehabilitated in eight to 10 towns, an ADB release said.
About 6,000 people were reported missing in the flood and landslides that struck Uttarakhand in June, 2013.
ADB has supported India by providing 180 sovereign loans amounting to USD 29.3 billion since the start of its lending operations in India in 1986 till the end of 2013.
Based in Manila, ADB says it is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members 48 from the region.
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