Philippines-based 943 Asian Development Bank (ADB) has agreed to loan the Indian government US$252 million for key road construction projects. The 25-year loan has a grace period of five years, a commitment charge of 0.15% per annum, and the interest rate will be determined on ADB’s LIBOR-based lending facility.
The loan will be used to finance the construction of 3,461km of all-weather rural roads in West Bengal, Odisha, Madhya Pradesh, Chhattisgarh and Assam with the first phase scheduled to complete in December 2015. The rural roads will benefit 1,600 rural habitations across the five states. The loan is also the first tranche of an $800 million financing facility under the Rural Connectivity Investment Programme.
The loan will be used to finance the construction of 3,461km of all-weather rural roads in West Bengal, Odisha, Madhya Pradesh, Chhattisgarh and Assam with the first phase scheduled to complete in December 2015. The rural roads will benefit 1,600 rural habitations across the five states. The loan is also the first tranche of an $800 million financing facility under the Rural Connectivity Investment Programme.
