Financial Daily from THE HINDU group of publications
Wednesday, Jun 29, 2005
Industry & Economy
Money & Banking - RBI & Other Central Banks
ADB's extended tsunami mission from July 1
G. K. Nair
Kochi , June 28
THE Asian Development Bank (ADB) team, which has just completed a field trip to the tsunami-hit areas in Tamil Nadu and Kerala, is in the process of approving about $20 million for retroactive expenditures. The bank expects an extended mission to begin operations in both the States by July 1.
Specific works have been identified for all infrastructure and most of the livelihood programmes, an ADB release said.
Recovery is well under way in all the affected regions. ADB is holding close discussions with other major donors.
t will hold joint reviews every six months with the World Bank and the United Nations Development Programme (UNDP).
To ensure close coordination, ADB is sharing office space with UN agencies in Chennai.
Overall rehabilitation and reconstruction needs in the mainland tsunami-affected States and Union territories of India total $1.2 billion, according to the Damage and Needs Assessment Report prepared jointly by the World Bank, ADB and the UN at the request of the Union Government.
ADB's focal sectors for assistance in the affected States are: Livelihood restoration, transportation, and rural and municipal infrastructure.
ADB's assistance to India for tsunami relief includes the Tsunami Emergency Assistance Sector Project for $200 million (approved on April 14, 2005) comprising a loan of $100 million and an ad-hoc task force grant of $100 million.
Technical assistance grants totalling $6.5 million are also being processed. The three donors and the Government agreed to allocate livelihood restoration, transportation, and rural and municipal infrastructure in Tamil Nadu and Kerala to ADB; housing, fisheries, and agriculture sectors to the World Bank; and disaster risk management to the UN, according to the respective resources and expertise.
ADB's $200-million loan and grant assistance package will help India restore livelihoods and reconstruct damaged infrastructure in Tamil Nadu and Kerala.
Of the amount, $143.75 million is allocated to Tamil Nadu and $56.25 million to Kerala. ADB's project will have four components.
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