Facing delays, World Bank’s Rs 1500 crore J&K project gets 6th extension

By
Ziraat Times
-

Extension is Final, Granted on Exceptional Basis for Specific Projects: WB’s India Director to Union Finance Ministry

By: Mubashir Aalam Wani

Srinagar: In a significant development, the World Bank has granted the 6th extension to the Rs 1500 crore project funded by it in Jammu & Kashmir for the reconstruction of infrastructure damaged by the devastating floods in 2014.

In a communique, the World Bank has conveyed to the Union Finance Ministry that it has agreed to extend the project till August 31, 2026.

“We refer to the Financing Agreement between India (‘Recipient’) and the International Development Association (‘Association’), dated January 21, 2016 (‘Financing Agreement’), pursuant to which the Association has provided the above-captioned Credit (‘Credit’) for the Jhelum and Tawi Flood Recovery Project (‘Project’). We also refer to the letter from the Department of Economic Affairs, Ministry of Finance, DO. No. 05/06/2014-FB.VIII/V, dated November 14, 2024, requesting the Association to extend the Closing Date of the Project by twenty (20) months. We are pleased to inform you that the Association has established August 31, 2026, as the later date for purposes of Section IV.B.2 of Schedule 2 to the Financing Agreement,” reads the communique from Auguste Tano Kouame, World Bank’s country director, India, to Manisha Sinha, additional secretary (OMI, Crypto & FB), Department of Economic Affairs, Ministry of Finance, Government of India.

The WB’s India director, in the letter, has stated that this extension is final and has been granted exceptionally for some specific projects. “As agreed, this is the final extension of this credit that has been granted on an exceptional basis. This extension is specifically focused on the completion of the LD Hospital in Srinagar and the construction of four bridges,” the letter states.

These works, according to documents, would have remained incomplete by the current closing date (December 31, 2024). These works notably include the Lal Ded Hospital, intended to serve as a tertiary care gynecological facility, and the construction of four bridges.

The extension was granted after the project implementing entity, in its letter dated November 9, 2024, requested another 20-month extension from the Department of Economic Affairs (DEA). The Government of India endorsed the request to extend the current project closing date from December 31, 2024, until August 31, 2026.

The project’s original closing date of June 30, 2020, has undergone five extensions. In June 2020, the project was granted a one-year extension of the closing date until June 30, 2021. Additional extensions were granted in June 2021 (for 12 months until June 30, 2022), in June 2022 (for six months until December 31, 2022), in December 2022 (for 12 months until December 31, 2023), and in December 2023 (for 12 months until December 31, 2024). —(KNO)

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