The Cabinet which met under the chairmanship of Chief Minister Mufti Mohammad Sayeed here approved the proposal of the Relief and Rehabilitation Department for availing World Bank assistance of about Rs 1,500 crore for the JTFRP.
It also approved signing of the Subsidiary Agreement with the Department of Economic Affairs, Government of India for the project.
Briefing media persons after the cabinet meeting, Education Minister Nayeem Akhtar and Finance Minister Haseeb Drabu said a Project Steering Committee would be set up for the overall strategy guidance and monitoring of the project, as per the Project Document.
The project comprises various components including reconstruction and strengthening of critical infrastructure, reconstruction of roads and bridges, restoration of urban flood management infrastructure, restoration and strengthening of livelihoods, strengthening disaster risk management capacity and implementation Support.
"It will be headed by the Chief Secretary and will comprise all involved line departments, and additionally, the departments of Finance, Planning, Environment, and Social Welfare.
"The Steering Committee will formally approve the project investments and help coordinate the activities of various departments, including in obtaining required approvals or clearances for the Project," the ministers said.