Word Bank expected to grant USD 250 million to flood-hit JK: Drabu

Word Bank expected to grant USD 250 million to flood-hit JK: Drabu

JAMMU: Government on Sunday called on the formation of a Project Management Unit (PMU) in the Relief and Rehabilitation Department to carry out implementation of its expected USD 250 million loan from the World Bank through identified executing agencies.
Minister for Finance, Dr. Haseeb Drabu stated on that that Finance Department will be the channelizing agency for the external assistance after the finalization of the loan negotiations and actual release of financial assistance.
The World Bank prepared and submitted the comprehensive Needs Assessment Report on the reconstruction of infrastructure damaged by the devastating floods in September 2014; the Ministry of Finance GoI has begun the process of negotiation for the first tranche of World Bank loan for J&K, tentatively sized at about USD 250 million.
While reviewing the status of externally aided projects, Drabu PMU will be set up in the Relief and Rehabilitation Department to carry out the actual implementation of the project through identified executing agencies.
Drabu said that establishing the PMU will allow J&K to avail of further World Bank assistance especially for livelihood restoration apart from putting in place best practices for disbursement and monitoring of the relief package.
A team from the Bank had arrived here on March 10 for three-day visit, to have detailed deliberations with the FM and top officials to ascertain the view point of the State Government on this assistance.
The team had asked to utilize the assistance strictly as per its guidelines asking them to identify nodal department, which would not only coordinate with the World Bank but monitor fund utilization.

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