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The project aims to improve flood risk management, solid waste management and improved access to basic infrastructure and services in targeted communities.
The bank on Thursday issued a statement in the media, according to which the board of executive officers approved the fund's creation on Wednesday, May 29.
The GARID project is expected to result in far-reaching changes in GARs, focusing on the Odaw River Basin in the first phase and will be extended to other priority basins in the region in the following phases, with a view to support the gradual improvement of integrated flood risk management.
The Odaw River Basin is identified as the entry point of intervention for the first phase due to its high flood risk, its population and the density of its businesses.
This would indirectly benefit the overall 4.6 million inhabitants of RPGs by improving the flood warning and response system and improving solid waste management capacity.
"It is essential to increase investment in infrastructure to achieve the World Bank's dual goal of ending extreme poverty and strengthening shared prosperity, as well as increasing the resilience of African cities, "said Henry Kerali, director of the World Bank for Ghana, Liberia and Sierra Leone.
"This will also help to address climate vulnerability and inequality by focusing investments on poor neighborhoods in targeted informal settlements that are more likely to be flooded."
The GARID project would directly benefit dense urban agglomerations and substantial economic activities downstream from the confluence of Odaw Creek and Onyasia Brook through the establishment of flood retention basins, performance-based dredging in the main channel and tributaries selected drainage channels and bridges.
The people of Accra, particularly low-income communities exposed to floods, will greatly benefit from comprehensive infrastructure and service improvements.
"About $ 3.2 billion of economic badets are currently in danger of being flooded in the Greater Accra region. The GARID project brings an integrated, multi-sectoral and long-term approach to mitigating the effects of persistent floods in the region and will thus enable increased economic growth, social inclusion, disaster preparedness and climate change, resilient settlements and environmental sustainability. Said Asmita Tiwari, senior specialist in urban and disaster risk management, and head of the GARID project project team, according to the statement.
"This will therefore directly contribute to Ghana's vision of a high-income industrialized country and its medium-term national development framework."
The project interventions, the statement added, were complementary and integrated with the operations and technical badistance of the Government, the World Bank and existing development partners under the GPR.
This includes the GAMA water supply and sanitation project funded by the World Bank and the two project on land administration.
Project preparation was supported by the Global Mechanism for Disaster Reduction and Disaster Recovery (GFDRR).
"In addition, the Government of the Netherlands is providing technical badistance in the area of advanced dredging in the Odaw River Basin and collective efforts in RBM are expected to bring about changes on the ground," the statement said.
The International Development Association (IDA) of the World Bank, established in 1960, helps the world's poorest countries by providing zero-rate grants and loans to projects and programs that stimulate economic growth, reduce poverty and reduce poverty. improving the lives of the poor.
IDA is one of the largest sources of badistance for the world's 75 poorest countries, including 39 in Africa. IDA resources bring positive change to the 1.5 billion people living in IDA countries. Since 1960, IDA has supported development work in 113 countries.
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