The Asian Development Bank (ADB) approved a loan of USD 780 million multi-tranche financing facility (MFF) to build new lines for Chennai metro rail and improve its network connectivity with bus and feeder services.
Highlights:
ADB will provide an additional USD 1 million technical assistance (TA) grant to help the Chennai Metro Rail with the planning and management of the metro system’s multimodal integration.
- The TA will support by identifying the needs in first and last-mile connectivity and explore opportunities for transit-oriented development to increase revenues through land value capture.
About the project:
i.Under the project, 10.1 km of an elevated section between Sholinganallur to State Industries Promotion Corporation will be constructed, including 9 metro stations and system components; 10 km of the underground section between Lighthouse and Meenakshi College with 9 stations.
- It also includes 31 km of system components comprising electrical, mechanical, power, and telecommunication infrastructure between Chennai Mofussil Bus Terminus to Okkiyam Thoraipakkam.
Other investments:
i.In 2021 Government of India (GoI) and ADB had signed a deal for a USD 500 million loan to expand Bengaluru metro rail network by constructing two new lines of 56 km length.
ii.ADB has also committed USD 57.75 billion to 826 projects in India, out of which 18.85 billion is for 188 transportation projects.
iii.In 2021, ADB committed USD 4.6 billion in Sovereign loans to India and also USD 36.51 million in TA and USD 3 million in grants under the Sovereign portfolio.
ADB Approves USD 300 Million Loan to Improve Road and Regional Trade in India
The Asian Development Bank (ADB) approved a USD 300 million loan to upgrade more than 300 kilometres of state highways and major district roads in Assam, including six road sections in the state’s western, central, and southern regions.
Key highlights:
i.The project will expand state highways and major district roads from single lane to two lanes and introduce new disaster and climate resilient structures.
- It will also establish pedestrian and public transport facilities, elevate highways in flood-prone areas and also include landslide prevention structures in hilly and mountainous areas.
ii.This will reduce travel time and costs which thereby improves mobility and accessibility of people in the less developed areas of Assam. They also provide a vital link to markets, jobs, social services, education, and health facilities.
About the project:
i.The project will strengthen the capacity of the Assam Public Works (Roads) Department in managing road assets, integrating climate and disaster resilience in road projects, and ensuring safeguards of environment, resettlement and concerns of indigenous peoples.
ii.Under the project, roads to be upgraded are connected to South Asia Subregional Economic Cooperation (SASEC) corridors and borders with Bhutan and Bangladesh, and are expected to boost cross-border trade and transport.
iii.The project will complement the multimodal logistics park that is being built in Jogighopa and Silchar to serve road, rail, inland waterway, and air transport facilities.
iv.Viaduct structures will be constructed for protecting wildlife and its habitats in project areas and to avoid human – elephant conflict in the elephant habitats.
Recent related news:
The Government of India (GoI) and the Asian Development Bank (ADB) signed a USD 96.3 million (around Rs 769 crores) loan agreement to provide safe drinking water, improve water supply and sanitation in Himachal Pradesh (HP)
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Establishment – 1966
Headquarters – Mandaluyong City, Metro Manila, Philippines
Members – 68 members (49 from Asian and the Pacific and 19 outside)
