ADB Funding: Sanctions 551cr for Agartala Projects; Provided $2mn PRF Loan to Support Urban Development in Nagaland

On April 11, 2022, the Asian Development Bank (ADB) sanctioned an amount of $76.25 million or Rs 551 crore for three specific projects under the Agartala Smart City Limited (ASCL). Under this, ADB will fund the following:

• 23 kilometres of road by retrofitting 15 stretches at a cost of Rs Rs 444.05 crore (Rs 444,06,70,678.47).
• Revive lakes and water bodies of Maharaja Bir Bikram College and its adjoining areas at Rs 30.67 crore (Rs 30,67,94,895.15)
• Renovate and restore Ujjayanta Palace and its surrounding at Rs 35.68 crore (Rs 35,68,76,451.07) in the current financial year in a phased manner.

Key Points:

i.The ADB will release the funds to the Centre for the Agartala infrastructure development and work on these projects will start by mid-May. 

ii.As per estimation, the entire work will be completed in the next one year along with other city development programmes.

ADB to provide $2mn PRF loan to Support Urban Development in Nagaland

The Government of India (GoI) and ADB signed a $2 million Project Readiness Financing (PRF) loan for the proposed Nagaland Urban Infrastructure Development Project.

Signatories:

Rajat Kumar Mishra, Indian Ministry of Finance’s Department of Economic Affairs (DEA) Additional Secretary; and Takeo Konishi, ADB Country Director for India.

Key Points:

i.The project aimed at improving urban infrastructure and services in Nagaland to help the state realize its economic potential.

ii.This PRF loan will help design water supply, sanitation, solid waste management and urban roads in 16 District Headquarter Towns (DHTs) in Nagaland, designing climate-resilient urban infrastructure; strengthening institutional capacity and improved access to the poor and vulnerable. There will also be capacity building of state agencies.

Recent Related News:

i.ADB provided a record USD 4.6 billion in sovereign lending to India in 2021 for 17 loans, including USD 1.8 billion towards coronavirus (COVID-19) response.

About Asian Development Bank (ADB):

President– Masatsugu Asakawa
Headquarters– Manila, Philippines
Member Nations– 68 (Including India)