The Union Cabinet gave its approval for the implementation of NCRMP Phase I in the states of Andhra Pradesh and Orissa at a cost of about Rs 1496.71 crore in its meeting held on 6.1.2011. The project would be implemented as a Centrally Sponsored Scheme in all the coastal States and Union Territories in a phased manner.
The Project and Financing Agreements for the project were signed in the presence of Hon’ble Finance Minister, Government of India Shri Pranab Mukherjee, Hon’ble Vice Chairman, NDMA Shri M. Shashidhar Reddy and World Bank group President, Mr Robert B. Zoellick on 14.1.2011 at New Delhi.