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ADB approves USD300mn additional loan for Rural Roads in Maharashtra

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ADB approves USD 300 million additional loan for rural roads in MaharashtraOn August 6, 2021, the Asian Development Bank (ADB) approved an additional financing of a $300 million (~INR 2227 Crore) loan for the ongoing Maharashtra Rural Connectivity Improvement Project that is upgrading rural roads to all-weather conditions and connecting rural areas with markets and services in Maharashtra.

  • The project, approved in August 2019, is being executed by the Maharashtra Rural Road Development Association to rebuild and rehabilitate roads and bridges in Maharashtra destroyed by the devastating floods in August 2019.
  • This additional financing will improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 km (from 2,100 km) in 34 districts.

Key Points:

i.The additional financing will also accelerate Maharashtra’s economic recovery from COVID-19 devastation by generating rural employment as it will generate about 3.1 million person-days of employment for local communities, of which at least 25% will be for women, over the construction and maintenance periods.

ii.The project will also provide last-mile connectivity to a large number of small villages, enhancing access to health and education facilities and benefit vulnerable population by increasing agricultural productivity.

iii.Maharashtra government targets to increase the average growth rate of agriculture and allied activities to more than 5% per year by 2030.

Recent Related News:

On May 14, 2021, the Asian Development Bank (ADB) committed $3.92 billion in sovereign loans for 13 projects to India in 2020, including $1.8 billion in projects to support the Government of India’s coronavirus disease (COVID-19) pandemic response.

About Asian Development Bank (ADB):

Establishment– 1966
President– Masatsugu Asakawa
Members– 68 Countries
Headquarters– Metro Manila, Philippines