WB, ADB offer help in reconstruction efforts in U'khand

The World Bank and Asian Development Bank will set up their offices in Uttarakhand to offer a helping hand in reconstruction efforts in the rain-ravaged state.
This was decided at a meeting held here by Chief Minister Vijay Bahuguna with WB and ADB officials, who said they will start assessment of damage caused by the recent floods from August 1 before working out the size of funds to be sanctioned to the state by the international financing agencies.
However, whatever be the sanctioned amount, 90 per cent of it will be allocated as grants by the twin institutions and only 10 per cent of it will have to be paid by the state government, said an official statement quoting WB and ADB officials.

Bahuguna said the two agencies had the experience of dealing with the aftermath of similar tragedies elsewhere in the world and they should utilise it to prepare a reliable estimate of the losses caused to Uttarakhand by the unprecedented crisis.
Joint Secretary in the Ministry of Economic Affairs Nilay Mitash, who also attended the meeting, said assessment of the damage will begin on August 1 and the process will be completed in 15 days.
WB country Director Anno Ruhal said paucity of funds will never be allowed to come in the way of reconstruction work in Uttarakhand.