India and ADB inked an agreement to improve key road connectivity in Chhattisgarh
The Government of India (GoI) and Asian Development Bank (ADB) signed an agreement for a $300 million loan to help improve road connectivity along key corridors in the State of Chhattisgarh.
- Objective: To improve more than 900 kilometers of State roads, in line with the Chhattisgarh Road Master Plan, involving up gradation of roads sections and strengthening culverts and bridges.
- The loan will be funded from ADB’s ordinary capital resources. It has a principal repayment period of 20 years, and annual interest set in accordance with ADB’s LIBOR-based lending facility.
The Government of Chhattisgarh will provide counterpart finance of about $128 million to cover the estimated total project cost of $428 million.
Related Posts
Month: Current Affairs - March, 2014