India signs loan agreement with AIIB for Gujarat Rural Road Project

Speed Post News Network

New Delhi : The Loan and Project Agreements for Asian Infrastructure Investment Bank (AIIB) lending of US$ 329 million for Gujarat Rural Roads Project were signed between the Government of India/ Government of Gujarat and the AIIB on August 4, 2017, in New Delhi.

The Loan Agreement was signed by Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs(DEA), Ministry of Finance, on behalf of the Government of India, and Dr DJ Pandian, Vice President and Chief Investment Officer, AIIB, on behalf of the AIIB. The Project Agreement was signed between AK Patel, Chief Engineer (Panchayat) and Additional Secretary, Roads & Building Department, Government of Gujarat, on behalf of the Gujarat State Government and Dr Pandian signed the Project Agreement on behalf of the AIIB., according to a PIB release.

The objective of the project is to improve the rural road connectivity and accessibility by providing all weather road connectivity to 1,060 villages in all the 33 districts in Gujarat benefiting about 8 million people. The project will also benefit the service providers such as public transport operators, educational institutions, hospitals, local markets and traders.