Kerala to seek Rs 15,900-crore loan from WB, ADB, for post-flood reconstruction


The Kerala government has said that it will approach funding agencies like the World Bank and Asian Development Bank, for loans amounting to Rs 15,900 crores, for reconstruction work in the flood-ravaged state

The Kerala government, on September 27, 2018, decided to raise Rs 15,900 crores as loan, from the World Bank (WB), Asian Development Bank (ADB) and other funding agencies, to rebuild the prime sectors of the state that were devastated by the recent deluge. A decision in this regard was taken at the cabinet meeting, a government press release said.

The amount would be utilised for repairing and reconstruction of roads under the Public Works Department, local self-government institutions, water supply, flood control and irrigation systems, coastal area protection, rehabilitation of people in coastal stretches and others, chief minister Pinarayi Vijayan said. It was also decided to tabulate the losses suffered by the agricultural and plantation sectors in the floods and explore the possibilities, of raising resources for their reconstruction.

For mobilising resources to rebuild Kerala, the state government had approached the WB, ADB, other agencies and banks, for taking loans and the government had approached the Ministry of Finance.

See also: SBI, LIC Housing, Muthoot HomeFin offer concessional home loans, for flood-affected Kerala

After being informed by the centre, the WB-ADB team had visited Kerala from September 12-20, 2018 and conducted Rapid Damage Assessment and Need Analysis (RDNA) and their report has been received by the state government, the release said.

The final report would be submitted by WB-ADB, during first week of October, 2018. As per the RDNA report, the main sectors of the state had suffered a loss of Rs 25,050 crores. The state also announced a year’s moratorium, on loans of agricultural and dairy farmers. At least 493 people lost their lives in the rains and floods, during the south-west monsoon in Kerala.

 

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