ADB to provide $1.2 billion loan for infrastructure projects

Tags: Economy/Finance

The Manila based Asian Development Bank (ADB) has agreed to provide a $1.22 billion loan to the government of India for Infrastructure development in various states. 

An agreement to this effect was signed between the Indian Government and ADB in New Delhi on 3 January 2023.India is the largest borrower of ADB. 

The agreements would cover projects for improving the power sector and highways in the Northeastern states of Tripura and Assam, metro rail connectivity in the southern city of Chennai, and improvement of key economic areas in the western state of Maharashtra.

The Asian Development Bank was established in 1966. Its Headquarter is at Mandaluyong City, Manila, Philippines.

President of ADB: Masatsugu Asakawa