USD 175 million loan agreement signed with ADB to improve Madhya Pradesh roads
Dec 06, 2023
New Delhi [India], December 6 : The central government and the Asian Development Bank (ADB) signed a USD 175 million loan to improve the connectivity and resilience of roads in Madhya Pradesh.
The signatories to the loan agreement were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, in the Ministry of Finance, for the Government of India, and Takeo Konishi, Country Director of ADB's India Resident Mission, for ADB.
After signing the loan agreement on Tuesday, Mukherjee stated that this project will enhance connectivity in the state road network across 14 districts in Madhya Pradesh.
"Since 2002, ADB has supported road development in Madhya Pradesh upgrading more than 9,000 kilometers of state highways and major district roads. This project continues these efforts and will connect rural areas to growth centres and industrial corridors and establish roads that are better, safer, and more climate-resilient," said Konishi.
The project will upgrade about 500 kilometres of state highways and major district roads to a standard two-lane feature.
"The project will help prepare strategies and plans to utilise green technology in road construction and establish charging infrastructure for electric vehicles," the Ministry of Finance said in a release, announcing the loan agreement.
