Rs 1500 crore World Bank funded project J&K to get 1-year extension

Rs 1500 crore World Bank funded project J&K to get 1-year extension

Dept of Economic Affairs agrees, sets June 30, 2021 new deadline

Srinagar, Dec 13 : In a significant development, the Union Finance Ministry has in-principle agreed to give one-year extension for completion of Rs 1500 crore project funded by the World Bank for infrastructure building in Jammu and Kashmir.

Sources told wire service—that Department of Economic Affairs of Union Finance Ministry has agreed to give 12- month extension in timeline for completing the project approved for J&K in the aftermath of 2014 floods.

The department of Economic Affairs deals with financial assistance received by the states from multilateral agencies for undertaking development programmes.

“ They have agreed to give us one -year extension,” Chief Executive Officer of Jehlum Tawi Flood Recovery Project, Avny Lavassa told.
Apprehensive about meeting June 2020 deadline for completion of World Bank- financed reconstruction programme, the J&K government had approached the Union Finance Ministry for time extension.

The deadline for completion of the “Jehlum Tawi Flood Recovery Project” was June 30, 2020. New deadline, sources said is June 30, 2021.

Citing “peculiar circumstances” and “adverse weather conditions” in J&K, the project monitoring unit of Jhelum- Tawi Flood Recovery Project had sought 18-month extension for completing the project.

In the past few years, the J&K government had come under criticism from different for poor implementation of the project.

The World Bank and steering committee of the project have expressed concern over sluggish pace in implementation of the project. In 2017 and 2018, the WB respectively rated progress of the project as “satisfactory” and “moderately unsatisfactory”.

Post 2014 floods, the Union Finance Ministry led a team of multilateral financial institutions like World Bank and Asian Development Bank to the State for assessing the situation.

Later, a team of WB visited the affected areas of the State between February 1-6, 2015, to carry out a multi-sectoral assessment report of the damages and needs. The WB put estimates of losses due to the floods at Rs 211,975 million.

In 2015, the WB sanctioned Rs 1500 crore for reconstruction of infrastructure hit by 2014 floods and strengthening State’s disaster management capabilities. (KNO)

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