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ADB+signs+%24400+m+loan+pacts+with+India. Print Article

ADB signs $400 m loan pacts with India.

February 24, 2015
The Asian Development Bank has inked two loan agreements worth $400 million with India to upgrade district roads in Madhya Pradesh and to support improvements to power transmission and distribution systems in Assam.

"The Government of India and ADB signed here recently an agreement for a $350 million loan to upgrade district roads in the state of Madhya Pradesh," the Finance Ministry said in a statement.

The District Connectivity Sector project will improve about 1,600 km of major district roads in Madhya Pradesh through lane widening, surface improvements, strengthening of culverts and bridges, it added.

Joint Secretary in the Ministry of Finance Tarun Bajaj said the project will reconstruct and rehabilitate major district roads to all-weather standards.

In a separate statement, the ministry said that India and ADB has signed a $50.2 million loan agreement to continue to support improvements to T&D systems in Assam for better electricity service to end users.

The fourth tranche loan under the $200 million multi-tranche financing facility for the Assam Power Sector Enhancement Investment Program will build on earlier loans which aimed to improve operational efficiency in the sector through better transmission and distribution networks, it added.

The project is expected to be completed by December 31, 2018. "It will also deliver a dedicated power supply to tea estates by undertaking feeder separation for better service to the economically important tea sector," the statement said.

HBL


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