Updated By: LatestGKGS Desk
India & ADB sign $60 mn loan agreement to reduce floods, riverbank erosion in Assam
India & ADB sign $60 mn loan agreement to reduce floods, riverbank erosion in Assam: Details, Aim, Highlights
India and Asian Development Bank (ADB) have signed a loan agreement of $60 million for financing project for renovation, protection and community-based flood risk management activities along the Brahmaputra river in Assam.
The main aim of the program is to enhance the reliability and effectiveness of flood and river-bank erosion risk management systems in Assam.
The loan is of 20 years of duration with the grace period of five years. Interest rates are determined by ADB based on London Interbank Offered Rate (LIBOR) and commitment charge of 0.15% per year.
In 2010, ADB had approved the Tranch 2 Loan of $120 million for Assam Integrated Flood and River Bank Erosion Risk Management Investment Program.
The Project 2 of the program will help to fund the structural and non-structural measures in three sub Project areas – Palasbari Gumi, Kaziranga and Dibrugarh along the Brahmaputra river which covers 20 km of riverbank protection work and flood embankments upto 13 km.
The executing and implementing agencies for this project are Flood and River Erosion Management Agency of Assam and Assam State Disaster Management Authority. The project will create and strengthen disaster management system and knowledge base for flood forecasting.
Assam (North East India)
Statehood: 26 January 1950
Capital: Dispur
Largest City: Guwahati
Districts: 33
Governor: Jagdish Mukh
Chief Minister: Sarbananda Sonowal (BJP)
Asian Development Bank (ADB)
Established: 1966
Headquarters: Manila, Philippines
President: Takehiko Nakao
Members: 67 (48 regional members)
