AIIB to provide USD 455 million for Andhra Pradesh rural roads project

The objective of the project, it added, is to improve road transport connectivity in previously unserved communities by providing all-weather rural roads in all 13 districts of Andhra Pradesh.

Published: 28th February 2019 10:12 PM  |   Last Updated: 28th February 2019 10:12 PM   |  A+A-

N Chandrababu Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu. (Photo | PTI)

By PTI

NEW DELHI: The Asian Infrastructure Investment Bank (AIIB) will provide a loan of USD 455 million to finance the Andhra Pradesh Rural Roads Project, which will connect about 3,300 habitations with a population of more than 250, and benefit around two million people.

An agreement in this regard was signed between the AIIB and the government, said a release of the finance ministry. "The project is likely to improve the life of a common man living in the remote and isolated areas in the state of Andhra Pradesh," it said.

The objective of the project, it added, is to improve road transport connectivity in previously unserved communities by providing all-weather rural roads in all 13 districts of Andhra Pradesh. Under the project, there are plans to construct rural roads to provide first connectivity, construct cross drainage works and bridges to complete missing links and structures.

It is the third project being signed by the AIIB in the state, the other two are in power and water sectors. "The AIIB is keen to support more such projects in India in various sectors," said Supee, director general (investment operations department), AIIB.

AIIB is a multilateral development bank headquartered in Beijing, China, which began operations in January 2016. India is the second-largest shareholder in the AIIB and its largest borrower.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

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.

flipboard facebook twitter whatsapp