GOI has signed a $273 million loan agreement with the Asian Development Bank (ADB) to improve rural roads in Assam, Chhattisgarh, Madhya Pradesh, Odisha and West Bengal. The loan constitutes the third tranche, which is also the last tranche of the $800 million financing facility under the Rural Connectivity Investment Programme. The loan will help in constructing over 6,000 kilometers of all-weather rural roads in the aforesaid five states, benefiting over 4,200 rural habitations.

Joint Secretary in Department of Economic Affairs S Selvakumar signed the loan agreement on behalf of government while Teresa Kho, Country Director signed for ADB.  The Ministry of Rural Development is the executing agency of the project at the central level, while state governments of Assam, Chhattisgarh, Madhya Pradesh, Odisha, and West Bengal have been entrusted with overall implementation at the respective state level.

Did You Know???

• The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 which is headquartered in Metro Manila, Philippines, to facilitate economic development in Asia.
• Since 2014, ADB releases annual report of Creative Productivity Index and comparatively includes Finland and United States for the list of Asia-Pacific members.
• The most recent president was Takehiko Nakao, who succeeded Haruhiko Kuroda in 2013.