Asian Development Bank (ADB) and India sign $150 Million Loan to Improve Regional Connectivity

Asian Development Bank (ADB) and India sign $150 Million Loan to Improve Regional Connectivity

Asian Development Bank (ADB) and India sign $150 Million Loan to Improve Regional Connectivity

The Asian Development Bank (ADB) and the Government of India signed a $150 Million Loan to finance continued improvements to road connectivity and efficiency of the International Trade Corridor in West Bengal and North-Eastern Region of India.

This is the second tranche loan agreement for the USD 500 million South Asia Sub regional Economic Cooperation Road Connectivity Investment Programme.

The programme aims to expand about 500 kilometres roads in north Bengal and north-eastern states to enable efficient and safe transport within India and regionally.

Also See:- India and Japan sign Loan Agreement for Construction of Mumbai-Ahmedabad High Speed Rail Project

The new loan will help up gradation of key national and state highways in Manipur and construct an important international bridge for crucial last-mile connectivity between in-country trunk road network and neighboring countries.

The project's second tranche will upgrade about 66 km of national highways in Manipur, construct about 1.5 km of an international bridge between India and Nepal, and provide additional financing for the construction of about 103 km of a state highway in Manipur.

Also See:- NITI Aayog and United Nations in India sign Sustainable Development Framework for 2018-2022

The project will reduce transaction costs along the targeted cross-border corridors substantially, creating economies of scale and commercial prosperity.