Mon, 29 May 2023

Washington [US], March 29 (ANI): The World Bank's Board of Executive Directors approved a USD 100 million loan to help Odisha strengthen its early forecasting systems for improved disaster response.

According to the World Bank, the loan will also enhance Odisha's social protection coverage for poor and vulnerable households through digital platforms.

The coastal state of Odisha is vulnerable to natural disasters with cyclones hitting the state almost every year. The state's 480 km coastline is also exposed to tsunami risk.

The loan will help reduce losses caused by natural disasters through a multi-hazard digital warning system and strengthen the state's data collection efforts for better resilience planning, according to the World Bank statement.

"The Program will help Government of Odisha scale up existing social protection systems to better protect vulnerable households from climate shocks," said Auguste Tano Kouame, the World Bank's Country Director for India.

The World Bank loan to Odisha has a maturity of 12.5 years with a grace period of three years.

"Better data and delivery systems can lead to stronger resilience. The Program can help the state address risks and gender gaps in social protection programs and allow for future planning," said Shrayana Bhattacharya, Ambrish Shahi, and Samik Sundar Das, the Task Team Leaders for the project. (ANI)

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