Q. Recently government has signed US $ 250 Million Loan Agreement for Second Phase of Dam Rehabilitation & Improvement Project (DRIP) with which institutions?
a) IMF
b) World Bank
c) European Investment Bank
d) Asian Development Bank
ANSWER:- b)
RELATED FACTS:-
- In order to enhance water security in the country and support sustainable development, the Government of India on 4th August, 2021 signed a $250 million loan agreement with World Bankfor the Second Phase of Dam Rehabilitation and Improvement Project (DRIP Phase II) to make existing dams and communities safe and resilient across India.
- The Ministry of Jal Shakti, ten (10) States namely Chhattisgarh, Gujarat, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Odisha, Rajasthan, and Tamil Nadu and the Central Water Commission attended the loan signing ceremony.
- The balanced US$250 million external funding from Asian Infrastructure Investment Bank (AIIB) is under consideration.
- This DRIP Phase II is the first phase of externally aided DRIP Phase II and Phase III, approved by Government of India in October 2020.
- The Scheme has the participation of nineteen (19) States and three (3) Central Agencies.
- The Budget Outlay for both Phases is Rs 10,211 Cr for an implementation period of ten (10) years. The Scheme will be implemented in two Phases, each of six years’ duration, with two years’ overlap.
- This new Scheme will strengthen dam safety initiatives taken by Government of India through physical rehabilitation of selected dams by addressing various concerns to improve safety and operational performance, institutional strengthening in various ways, incidental revenue generation for sustainable operation & maintenance of dams etc. The Scheme is designed to infuse global know-how, innovative technologies in dam safety.
- Another major innovation envisaged under the project, that is likely to transform dam safety management in the country, is the introduction of a risk-based approach to dam asset management that will help to effectively allocate financial resources towards priority dam safety needs.
- Also, Scheme implementation will equip the Indian dam owners to gear up their human resources to comprehensively handle many important activities envisaged in proposed Dam Safety Legislation.
- The programme will enable states and dam owners to extend these safety protocols and activities beyond the selected dams to all other dams within their jurisdiction, overall enhancing the culture of dam safety in the country.
By – ABHISHEK KUMAR
LINK
https://www.pib.gov.in/PressReleasePage.aspx?PRID=1742419