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World Bank Extends Rs 1550 Credit To Cash-Crunched AP

In times of cash crunch, Andhra Pradesh government is getting a helping hand from the World Bank. World Bank has approved a massive loan to Andhra Pradesh, when central government is hesitant to release funds with the suspicion that the chief minister Chandrababu Naidu's government is diverting the funds to works other than intended. The project will help the state enhance its capacity to respond promptly and effectively in times of calamities like Hudhud and cyclonic storms.

However, the World Bank have approved a Credit for an amount of US $ 250 Million (Rs.1550.00 crores approximately) out of the total Project cost of US $ 370 Million (Rs.2220 crores approximately) for the Andhra Pradesh Disaster Recovery Project (APDRP). The counterpart funding by Go AP will be US $ 120 (Rs.670 crores) at the ratio of 68 : 32. Selva Kumar, acting joint secretary, department of economic affairs, ministry of finance, government of India, JC Sharma , principal secretary, revenue, Andhra Pradesh and Onno Ruhl, country director , World Bank (India) signed the agreement.

The Project is effective from 28.08.2015 and Implementation period is 5 years. 2. The APDRP Projects Objective is to restore, improve and enhance the resilience of, public services, environmental facilities and livelihood opportunities in targeted communities of the coastal areas affected districts ,specifically the four heavily impacted districts of Srikakulam, Vizianagaram, Visakhapatnam and East Godavari of Andhra Pradesh and to enhance the Capacity of the State entities to respond promptly and effectively to an eligible crisis or emergency.

The important works to be taken up under the project , among other, are Resilient electrical network (Rs 720 cr), Restoration of connectivity and shelter infrastructure (Rs 630 cr), Restoration and protection of the beach front (Rs 390 cr), Restoration of environmental services and facilities and livelihood support (Rs 120 cr).

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