Kerala will get a $250-million concessional funding from the World Bank and the Asian Infrastructure Investment Bank (AIIB) for the resilient development programme under the Rebuild Kerala Initiative (RKI).
An agreement has been reached with the agencies to make available the funds. The funds will be used for projects linked to climate change and to check natural disasters, epidemics, and build greater resilience to future shocks, Chief Minister Pinarayi Vijayan said on Friday.
The WB had made available $250 million for the Phase I of the resilient development programme in 2019 and the German Development Bank KfW €170 million.
Talks with the WB had been completed and that with the AIIB would be completed next week. The Department of Economic Affairs would ink a pact with the WB and the AIIB.
In March, the Chief Minister said the WB board had approved a $105-million project to support Kerala in strengthening its solid waste management systems and services. The project would directly benefit over 7.5 million in all 93 urban local bodies in 14 districts. Due to the model code of conduct, Mr. Vijayan said the WB aid had not been publicised.
