• India and the Asian Progress Bank (ADB) on December 13, 2018 signed a USD 60 million personal loan arrangement to reduce floods and the riverbank erosion in Assam.
• This Tranche 2 bank loan is component of the USD 120 million multi-tranche financing facility (MFF) of the ADB for the Assam Built-in Flood and Riverbank Erosion Threat Administration Financial investment Software. The system was accredited by the ADB Board in Oct 2010.
• The settlement was signed by Sameer Kumar Khare, Supplemental Secretary (Fund Lender and ADB), Section of Economic Affairs, Ministry of Finance and Kenichi Yokoyama, Nation Director of ADB’s India Resident Mission.
• The loan settlement aims to continue financing riverbank protection is effective, renovation of flood embankments, and neighborhood-dependent flood chance management routines in critically flood-susceptible places together the Brahmaputra River in Assam.
Highlights of Bank loan arrangement
• The financial loan will have a 20-calendar year term, which include a grace period of time of 5 a long time.
• It contains an Annual Interest Price determined in accordance with ADB’s lending facility centered on the London Interbank Supplied Charge (LIBOR), and a determination cost of .15 percent per calendar year.
Tasks funded under this Tranche 2 facility
• It will fund a combination of structural and nonstructural steps in the 3 subproject regions of Palasbari-Gumi, Kaziranga, and Dibrugarh alongside the Brahmaputra River.
• It features 20 km of riverbank protection operates and upgrading of 13 km of flood embankments.
• The non-structural actions will protect community involvement and neighborhood-dependent flood hazard administration activities via establishing and coaching catastrophe management committees.
• It will continue to support the institutional potential development of the autonomous bodies, particularly, Flood and River Erosion Administration Agency of Assam (FREMAA), and Assam State Disaster Management Authority (ASDMA), as the executing and employing agencies for this Challenge.
Mains Paper 3: Disaster Management
Prelims level: Not Much
Mains level: Disaster preparedness