The Asian Development Bank (ADB) and the Government of India has signed a $2.5 million(~Rs 18.28 crore) project readiness financing (PRF) loan to support preparation and design activities to upgrade major district roads in Sikkim.
Objective:
- To help improve connectivity to important towns, rural areas, and pilgrimage and tourist destinations in the northeastern state.
- To upgrade to all-weather roads as frequent landslides and erosion damage the roads and disrupt intra-state connectivity.
Signatories:
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of India & Takeo Konishi, ADB Country Director for India signed the PRF.
Project Readiness Financing(PRF) Agreement:
PRF will help to boost the state’s economy and improve accessibility for people in remote villages.The PRF project also aims in,
- Ensuring implementation readiness through feasibility studies and
- Preparing detailed engineering designs of selected subprojects and
- Building capacity of state agencies so that the ensuing project gets completed in a timely manner.
Background:
i.The ADB-funded North Eastern State Roads Investment Program, which was launched in 2011, had earlier supported road improvements in Sikkim
ii.Few of the priority roads identified for up-gradation are included in the state’s master plan for transport management that was formulated with ADB technical assistance in 2012.
Recent related news:
On 8th April 2021, The Asian Development Bank (ADB) approved a USD 484 Million (~Rs.3,616 Crore) Loan to improve transport connectivity and road maintenance in Chennai-Kanyakumari Industrial Corridor(CKIC) in Tamil Nadu.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Established in– 1966
Headquarters– Manila, Philippines
Members– 68 members(49 – Asia & Pacific & 19 – outside)
