Wednesday, October 31, 2007

Bihar bonds to rebuild flood damaged infrastructure

The Bihar government will float bonds worth Rs.20 billion to generate funds for rebuilding infrastructure destroyed or badly damaged in floods this year, officials said Wednesday.

Official sources told IANS that the government had sought an approval from the central government for floating the bonds.

Chief Minister Nitish Kumar made the request to Prime Minister Manmohan Singh Saturday, an official said.

Nitish Kumar has also sought a special package of Rs.180 billion from New Delhi to build infrastructure and relief distribution in the flood-hit districts.
Floodwaters have inundated 21 of the state's 38 districts, mostly in the northern areas of the state bordering Nepal, affecting 25 million people and rendering thousands homeless.

According to official estimates, floods have damaged 128 embankments in several districts. The old bunds and canal systems have been damaged.

Roads, including national highways, were also badly damaged. About 480 km of highways and about 1,100 km of rural roads were the worst hit.