World Bank to give $153 million loan for Odisha project

India has inked a loan agreement with World Bank for an assistance of $153 million (about Rs 920 crore) for the Odisha Disaster Recovery Project.

"The Loan Agreements for World Bank (International Development Association {IDA}) assistance of $153 million for Odisha Disaster Recovery Project were signed here today between the Government of India and the World Bank," an official statement said.

The objective of the project is to restore and improve housing and public services in targeted communities of Odisha, and increase the capacity of the state entities to respond promptly and effectively to an eligible crisis of emergency, the statement said.

Direct beneficiaries of the project include population of the coastal areas in Ganjam, Puri and Khordha affected by the cyclone that will be part of the housing reconstruction programme, it added.

In addition, the total population of Berhampur, around 350,000, will benefit either directly or indirectly from the improvements expected to result from the master plans.

The Project will be implemented over a period of five years. The Government of Odisha is the implementing agency of the project, the statement said.