World Bank’s $245M Initiative: Revitalizing Resilience in Himachal Pradesh

The World Bank has announced a significant financial package of USD 245 million aimed at reconstructing resilient infrastructure in Himachal Pradesh. This decision follows a series of extreme weather events that have plagued the region in recent years. The initiative aims to address the substantial damages and losses, estimated at USD 1 billion, caused by these climatic challenges.

The project seeks to support the post-disaster recovery efforts in the state while also focusing on reducing future disaster impacts through improved infrastructural planning and design. It is projected that over a million women will gain better access to essential services and improved livelihood opportunities including farming, local handicrafts, and tourism industries.

Additionally, community-owned businesses are set to benefit from the project, providing 12,000 individuals with new or improved job opportunities. By facilitating investments in sustainable infrastructure, the initiative will mobilize USD 100 million in private capital for disaster-risk financing and insurance solutions, in collaboration with the Agence Française de Développement and CDRI.