Contacts:
World Bank: In New Delhi : Sudip Mozumder (91-11) 51479210
smozumder@worldbank.org
In Washington DC :Karina Manasseh (202) 473 1729
kmanasseh@worldbank.org
ADB: In New Delhi : Usha Tankha (91-11) 2410 7200/2419 4236
utankha@adb.org
Financing of US$733.5 million (Rs.3,191 crores) finalized New Delhi, May 12, 2005 : The World Bank and the Asian Development Bank (ADB) today signed agreements with the Government of India extending an International Development Association (IDA) credit of US$465 million from the World Bank and total assistance of US$205 million from the ADB (US$100 million as loan, US$100 million as grant and US$5 million from the Japan Fund for Poverty Reduction) towards post tsunami reconstruction and recovery efforts in India. Together with US$61 million of reallocation within existing IDA credits from the World Bank, and a special US$2.5 million World Bank grant, this brings the total financing for tsunami reconstruction in the country from the World Bank and ADB to US$733.5 million. The UN is also expected to provide a further US$38.5 million. This funding is being provided on the basis of a “Damage and Needs Assessment Report” prepared jointly by the World Bank, Asian Development Bank and United Nations, at the request of the Government of India, which estimated the overall rehabilitation and reconstruction needs in the four mainland tsunami-affected states and territories of India at US$1.2 billion. The total World Bank financing of US$528.5 million will support rural water supply rehabilitation in Kerala, livelihood restoration in Andhra Pradesh, and housing and transport infrastructure restoration in Tamil Nadu and Pondicherry. The financing will also support studies for longer term coastal management. A sum of US$40 million is allocated to Andhra Pradesh, US$10 million to Kerala, US$42 million to Pondicherry and US$434 million to Tamil Nadu. The World Bank grant of US$2.5 million will support studies and training in Tamil Nadu and Pondicherry. The ADB support of US$205 million will focus on rehabilitation of transportation infrastructure, village infrastructure and livelihood restoration in Tamil Nadu and Kerala. A sum of US$143.75 million is allocated to Tamil Nadu and US$56.25 million to Kerala, plus US$2.5 million to each State from the Japan Fund for Poverty Reduction. ADB will establish extended missions in Chennai and Trivandrum to support the States with implementation. Dr. Ranjit Bannerji, Joint Secretary, Department of Economic Affairs, Ministry of Finance, signed on behalf of the Government of India. Mr. B. V. Selvaraj, Development Commissioner, signed on behalf of the Government of Pondicherry, and Dr. N. Sundaradevan, Secretary Revenue, signed on behalf of the Government of Tamil Nadu. Mr. Inderjit Singh, Secretary, Disaster Management, signed on behalf of the Government of Kerala. Mr. Michael F. Carter, Country Director, India, World Bank, and Mr. Albab Akanda, Officer in charge of the India Resident Mission of the Asian Development Bank, signed on behalf of the World Bank and Asian Development Bank, respectively. “The Government of India welcomes this support for tsunami reconstruction,” said Dr. Bannerji, “which, along with funds from the central government, states and NGOs, will finance the recovery efforts of affected states, under the overall coordination of the Government of India.” Commenting on the task at hand, Mr. Carter, said, “The World Bank is pleased to be associated with the reconstruction program led by the Government of India, which goes beyond just restoring the situation that existed before the tragedy and provides improved living conditions and new opportunities for the affected people.” “The crucial phase of the reconstruction and recovery efforts has now just begun and it is critical that we do not allow the momentum to subside,” added Mr. Carter. Mr. Akanda indicated that, “ADB, World Bank and UNDP will work closely with the State line agencies to fast track implementation. This cooperation will help streamline the delivery of support from the loans, prevent duplication of programs and ensure no one is left behind or missed out. The reconstruction will be to modern standards of service levels, specifications and quality.” For more information on the World Bank's activities in India, visit:
http://www.worldbank.org.in For more information on the World Bank and natural disasters, visit:
http://www.worldbank.org/hazards http://www.worldbank.org/tsunami For more information on the World Bank project visit:
http://web.worldbank.org/external/projects/main?pagePK=104231&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P094513 For more information on ADB’s activities in the Tsunami aftermath visit:
http://www.adb.org/tsunami/default.asp
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