Staff Correspondent

The Asian Development Bank and its partners will arrange $190 million in loan and grant for a $220 million project aiming to help Bangladesh recover from the destruction wrought by floods and cyclone in 2007.

As the lead arranger of the fund, the ADB will extend a loan of $120 million to the ‘Emergency Disaster Damage Rehabilitation Project’, while Japan Bank for International Cooperation will lend $60 million.

The Canadian International Development Agency has pledged a grant of $10 million for the project, said a press release. The government of Bangladesh will have a contribution equivalent to $30 million to the project, which may have fund supports from other sources, the ADB release said.

The Manila-based bank will give $200,000 in technical assistance grant to the project.

‘The Project will contribute to sustainable economic growth by minimising the devastating impact of the severe floods and cyclone that hit the country last year, and at the same time reduce future risk from similar catastrophes,’ said Stefan Ekelund, senior transport specialist of ADB’s Bangladesh resident mission.

The floods and cyclone last year affected 25 million people in 51 districts and translated into $3 billion in losses. The disasters severely damaged livelihoods, infrastructure, and other assets.

The poor suffered the most in terms of losses to crops, livestock, property, and housing, as well as reduced income opportunities. The Project will be implemented in five parts.

The first will provide financing to import essential commodities and inputs, particularly for agriculture, to ensure quick recovery.

The component corners the bulk, or $75.56 million, of the total project cost. The second component, which has an allocation of $33.57 million, involves the rehabilitation and restoration of rural infrastructure in 23 districts, including 3,000 kilometers of rural roads and 9,000 meters of bridges and culverts.

It also involves the development or rehabilitation of 300 flood and cyclone shelters, including those for livestock, to help communities during future disasters.

The next part covers the rehabilitation of urban infrastructure, including 700 kilometers of roads, 65 kilometers of drains, 850 meters of bridges and culverts, and footpaths in 30 municipalities.

This component will have a funding of $20.89 million. The fourth component, which will be provided with $46.43 million in funding, will involve the repair of 800 kilometers of damaged national, regional and district roads, as well as 64 bridges and culverts within the country’s seven road zones.

The last component, which was allotted $31.70 million, includes repairs for flood control, drainage and irrigation facilities, and embankment breaches.

Flood control structures, protective works and canals in 47 districts will also be replaced. In addition, $9.85 million will be used for project implementation support.

Comments

Add New

Write comment
Name:
Email:	We don't publish your mail. See privacy policy.
Title:
	Please input the anti-spam code that you can read in the image.