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India signs loan agreement with AIIB for Financing of US$ 329 million for Gujarat Rural Roads Project

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On August 4, 2017, Government of India/ Government of Gujarat signed US$ 329 million Loan and Project Agreements with Asian Infrastructure Investment Bank (AIIB) for or Gujarat Rural Roads Project. The loan agreement was signed in New Delhi.

About Gujarat Rural Roads Project:

The objective of Gujarat Rural Roads Project is to improve the rural road connectivity and accessibility by providing all weather road connectivity to 1,060 villages in all the 33 districts in Gujarat.

  • This project will benefit nearly 8 million people in Gujarat.
  • It will also benefit the service providers such as public transport operators, educational institutions, hospitals, local markets and traders.
  • The project consists of two main components – Constructions and Up-gradation of Non-Plan Roads (NPRs) and Up-gradation of Planned Roads.
  • Under Constructions and Up-gradation of Non-Plan Roads (NPRs), total of 5000 km of NPRs will be constructed. Besides, it is also envisaged to construct – missing links (last mile connecting to the road network); missing structures (culverts and small bridges); approach roads to educational institutions; and upgrade/construct roads passing through tribal areas.
  • Under Up-gradation of Planned Roads, it is envisaged to upgrade existing earthen and metal roads to black top roads, resurfacing of village roads and other district roads, up-gradation of bridges to prevent flooding and subsequent isolation of flooded villages during monsoon season and widening of village roads and other district roads to ease traffic congestion.

About Asian Infrastructure Investment Bank (AIIB): 

Asian Infrastructure Investment Bank(AIIB) is a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific 

  • AIIB is an initiative proposed by government of China.
  • It opened for business on January 16, 2016.
  • Headquarters of AIIB is located in Beijing, China.
  • Jin Liqun is the current President of AIIB.