India signs $350 million loan agreement with New Development Bank to upgrade roads in Madhya Pradesh

The project, which is to be implemented over 5 years, is expected to improve transport connectivity to the interior regions and resultant boost to economic activity in the rural hinterland.

Published: 30th March 2017 08:55 PM  |   Last Updated: 30th March 2017 08:55 PM   |  A+A-

By PTI

NEW DELHI: India today signed the first loan agreement with the New Development Bank for USD 350 million for development and upgradation of road project in Madhya Pradesh.     

The project, which is to be implemented over 5 years, is expected to improve transport connectivity to the interior regions and resultant boost to economic activity in the rural hinterland.     

The agreement was signed between Government of India and the New Development Bank (NDB) and this is the first loan agreement for NDB assisted project in India, an official statement said.      

The objective of the project is upgradation of major district roads in the state of Madhya Pradesh to improve connectivity of the interior areas of the state with the national and state highway networks.    

"The project would include upgradation, rehabilitation or reconstruction of 1,500 km of district roads to intermediate lane, all-weather standards, with road safety features and improved road asset maintenance and management," the statement said.   

The agreement was signed by Department of Economic Affairs Joint Secretary Raj Kumar on behalf of India and NDB VP and Chief Operating Officer Xian Zhu.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.