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India signed 123.51 Million US dollar Loan Agreement with Asian Development Bank

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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.

US $123.51MN INDIA - ADB LOAN AGREEMENT FOR UPGRADING TOURISM INFRASTRUCTURE

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