Kerala eyes $428mn World Bank loan

Kerala is looking to raise a World Bank loan to rebuild public infrastructure that has been ravaged by the worst floods in over a century, chief minister Pinarayi Vijayan said in an interview. Vijayan did not disclose the amount of money the state plans to raise from the multilateral development bank, but a state government official who is privy to the discussions said that the government is preparing a concept note to raise Rs 3,000 crore ($428 million). The Kerala floods have left a trail of destruction. As many as 384 people were killed, a million others were displaced, 50,000 houses turned uninhabitable or were washed away, 80,000km of roads and 39 bridges were lost over the past two weeks because of the floods. The rebuilding exercise is officially estimated to cost the public exchequer about Rs20,000 crore ($2.86 billion). The talks of an international loan come at a time when the state is reportedly at odds with the centre for not approving a 700-crores ($100 million) aid from the United Arab Emirates (UAE) to Kerala. The Indian government has refused all offers from foreign countries, citing that it will meet the challenge through domestic resources.