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Asian Development Bank, World Bank to aid Hudhud hit Andhra Pradesh

The two banks may not extend more than Rs 7,500 crore
Hyderabad: The World Bank and the Asian Development Bank have agreed to provide anywhere between Rs 3,500 crore and Rs 7,500 crore to the Andhra Pradesh government for underground cabling project in Visakhapatnam and various other reconstruction works in the Hudhud-hit districts of Visakhapatnam, Vizianagaram, Srikakulam and East Godavari.
Though the state government had sought over Rs 9,000 crores in assistance, the two banks may not extend more than Rs 7,500 crore due to the Fiscal Responsibility and Budget Management (FRBM) limits.
What’s more, a temporary joint-office of the World Bank and the ADB would be set up either in the AP Secretariat at Hyderabad or in Visakhapatnam for the exclusive purpose of meeting the state officials regularly and ensuring faster release of assistance by the end of the current financial year.
It comes as a huge relief to the state government, especially as the Central government is likely to confine its Hudhud relief package to only Rs 1,000 crore.
When contacted, AP chief secretary I.Y.R. Krishna Rao said that the World Bank and the Asian Development Bank had offered assistance for rehabilitation of people and construction of infrastructure affected by Cyclone Hudhud.
World Bank country director Omno Ruhl and ADB country director Theresa Kho called on Mr Krishna Rao at the Secretariat for an update on the relief and rehabilitation works.
( Source : dc correspondent )
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