New Development Bank (NDB) approves loan to Madhya Pradesh for infrastructure projects

The New Development Bank (NDB) of the BRICS countries has approved a $525-million loan to Madhya Pradesh for infrastructure projects. The loan will be used by the Indian government for on-lending to the Madhya Pradesh government for rehabilitating major district roads with a total length of about 2,000 km to improve the connectivity of the rural interior with the national and state highway networks. The project will improve the road conditions and enhance the transport capacity, which will lead to a less travel time, reduced vehicle-operating cost, reduced emissions and improved road safety. The NDB will also provide a $ 175-million loan to the Madhya Pradesh Bridges Project, under which 350 bridges will be built or upgraded. The NDB was set up by the BRICS (Brazil, Russia, India, China, South Africa) nations to promote green and infrastructure projects in the member countries.