Ministry of Finance on the behalf of Government of India has signed the loan Agreement with Asian Development Bank (ADB) for US $ 123.51 Million as Infrastructure Development Investment Program for Upgrading Tourism Infrastructure and Services in States of Punjab, Uttarakhand and Himachal Pradesh.
WHERE LOAN AMOUNT WILL BE USED?
- It will be used for development and conservation of places of tourist attractions.
- It will also be used to improve basic tourism facilities and to build the capacity of sector agencies and local communities in Himachal Pradesh, Uttarakhand and Punjab.
- Loan amount will be used to support conservation of important heritage spots of old century structures and new facilities including centers for arts and crafts in the three states.
- It will also be used in the development of Eco-parks and eco-tourism to attract more tourists in the states.
This third tranche loan is part of the $250 million multi-tranche financing facility by ADB that was approved in 2010.
BACKGROUND
ADB is supportive to Government of India’s evolving priorities by providing assistance to India. ADB – India partnership strategy 2013-2017 aims to support the Indian government’s 12th Five-Year Plan for faster and sustainable growth.
ABOUT ASIAN DEVELOPMENT BANK
| Formation | 19 December 1966 |
| Motto | Fighting poverty in Asia and the Pacific |
| Headquarters | Mandaluyong, Metro Manila, Philippines |
| President | Takehiko Nakao |
| MembershiP | 67 countries |
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