India inks $350 mn loan pact with New Development Bank

31/03/2017 14:52

India has signed USD 350 million loan agreement with New Development Bank for development and upgradation of major district roads project in MP.

The Ministry of Finance, said in a statement that, “The loan agreement for New Development Bank (NDB) financing of USD 350 million for development and upgradation of major district roads project in Madhya Pradesh was signed between Government of India and NDB.”

Furthermore, this is the first loan agreement for NDB assisted project in India.

The project objective is upgradation of major district roads in MP to improve connectivity of the interior areas of the state with the national and state highway networks, it added.

Moreover, the scope of project includes upgradation, rehabilitation or reconstruction of approx. 1,500 km of district roads to intermediate lane, all-weather standards, with road safety features and improved road asset maintenance & management.

The aim behind the project is to improve transport connectivity to the interior regions and resultant boost to economic activity in the rural hinterland.

Besides, the project will be implemented in 5 years and the Government of Madhya Pradesh and the MPRDC are the implementing agencies.

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