The Indian government has signed a 175 million dollar loan agreement with the Asian Development Bank to enhance the road infrastructure in Madhya Pradesh. The prospective agreement was signed to fund the “Enhancing Connectivity and Resilience of the Madhya Pradesh Road Network Project”.
It was summarised under official signatories, Ms. Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs in the Ministry of Finance for the Government of India, and Mr. Takeo Konishi, Country Director of ADB’s India Resident Mission.
The loan agreement would facilitate the 14 districts of Madhya Pradesh recovering the entire route infrastructure and speeding road development potential.
According to the Country Director, Mr. Takeo Konishi, ADB has been known for its long-standing commitment towards road development in Madhya Pradesh, while upgrading more than 9000 kilometres of state highways and major district roads since 2002. This agreement has significance in improving road infrastructure to overcome climate resistance and develop a resilience structure.
The Asian Development Bank is a regional development bank established on 19 December 1966, headquartered at Manila, Philippines. The basic agenda of the bank is to promote social and economic development in Asia. The admitted members are from UNESCAP and non-regional developed countries. It is a multilateral Development Bank, serving Indo-Pacific regions.
India is a founding member of ADB and the bank’s fourth-largest shareholder. The operations commenced from 1986 to assist the government-oriented programme. The bank has provided financial services to fulfil the infrastructure needs and developing an economic strategy.
India’s loan agreement with ADB
Further, many more agreements have been signed by the Indian government, previously.
1-400 million dollar loan agreement signed for urban infra.
2-141 million dollar loan agreement for industrial corridor development in Andhra Pradesh.
3-295 million dollar loan agreement to develop state highways in Bihar for climate resilience.
