SRINAGAR: The State Government today approved a proposal for availing World Bank aid of Rs 1,500 crore for the Jhelum Tawi Flood Recovery Project (JTFRP) and for signing of the Subsidiary Agreement with the Union Economic Affairs for it.
The Cabinet which met under the chairmanship of Chief Minister Mufti Mohammad Sayeed here approved the proposal of the Relief and Rehabilitation Department for availing World Bank assistance of about Rs 1,500 crore for the JTFRP.
It also approved signing of the Subsidiary Agreement with the Department of Economic Affairs, Government of India for the project.
Briefing media persons after the cabinet meeting, Education Minister Nayeem Akhtar and Finance Minister Haseeb Drabu said a Project Steering Committee would be set up for the overall strategy guidance and monitoring of the project, as per the Project Document.
In the aftermath of the September 2014 floods, the State Government separately sought a credit line facility from World Bank under the External Aided Projects through Union Economic Affairs on soft loan basis.
The project comprises various components including reconstruction and strengthening of critical infrastructure, reconstruction of roads and bridges, restoration of urban flood management infrastructure, restoration and strengthening of livelihoods, strengthening disaster risk management capacity and implementation Support. (AGENCIES)
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