The finance ministry has soughtfinancial assistance from World Bank and Asian Development Bank (ADB) for rebuilding of damaged infrastructure in flood- ravaged Uttarakhand.
"In view of the emergency situation, both ADB and the World Bank have been requested to fast track the processes of needs assessment, project preparation and approval," the Finance Ministry said in a statement.
It said a joint mission of the World Bank and ADB, led by Additional Secretary in the Department of Economic Affairs (DEA) Shaktikanta Das, will shortly visit Uttarakhand and assess the needs of the state and interact with officials there.
At a preliminary meeting of the DEA with the World Bank and the ADB, both these multilateral bodies have assured their full cooperation, it said.
Loans from the Multilateral Development Banks (MDBs) would be passed on by Government of India to Uttarakhand as 90 per cent grant and 10 per cent loan, since it is a special category state, the statement added.
In view of the gravity of the situation, Prime Minister Manmohan Singh had last month announced financial support of Rs 1,000 crore to Uttarakhand for disaster relief, of which Rs 145 crore was released immediately.
Singh had also announced ex-gratia assistance of Rs 2 lakh each to families of those who had lost their lives and Rs 50,000 each to the injured, from the Prime Minister's National Relief Fund (PMNRF).
The government had also decided to provide from the PMNRF, an ex-gratia assistance of Rs 1 lakh each to those whose houses have been completely destroyed and Rs 50,000 each to those whose houses have been damaged.