ADB, India sign $150 Million loan to improve regional connectivity

Speed Post News Network

New Delhi : The Asian Development Bank (ADB) and the Government of lndia signed here on October 1, 2018, a $150 Million Loan to finance continued improvements in road connectivity and efficiency of the International Trade Corridor in West Bengal and North-Eastern Region of lndia.

The signatories to the Tranche 2 Loan Agreement for the $500 million South Asia Sub-regional Economic Cooperation Road Connectivity lnvestment Programme were Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs in the Ministry of Finance, who signed on behalf of the Government of lndia; and Kenichi Yokoyama, Country Director of ADB’s lndia Resident Mission, who signed for ADB. Approved in 2014, the programme aims to expand about 500 km of roads in lndia’s North Bengal and North-Eastern Region that will enable efficient and safe transport within lndia and regionally with other SASEC member countries, according to a PIB release.

The Project Agreement for the State of Manipur was signed by Sheikh Abdul Hakim, Under Secretary (Works), and for the National Highways and lnfrastructure Development Corporation Limited by W Blah, Executive Director (Works).

After signing the loan agreement, Khare said that the programme is an important initiative in regional connectivity aimed at increasing domestic and regional trade through North Bengal-North East Region International Trade corridor by upgrading key roads. He said that it will give a boost to lndia’s efforts to promote regional connectivity in the South Asia, according to a PIB release.

Speaking on the occasion, Yokoyama said that 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 neighbouring countries.