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$125.2 Million ADB Loan for Improving Roads in Northeastern Region
NEW DELHI, INDIA – The Asian Development Bank (ADB) and the Government of India today signed a $125.2 million loan that will continue upgrading roads in the Northeastern region of India.
“By upgrading these roads we will be able to improve mobility and accessibility for many communities that will help provide new economic opportunities, boost growth and reduce poverty,” said M. Teresa Kho, Country Director of ADB’s India Resident Mission, who signed the second tranche of the loan under the North Eastern States Roads Investment Program, on behalf of ADB.
Nilaya Mitash, Joint Secretary (Multilateral Institutions), Department of Economic Affairs at the Ministry of Finance, signed for the Government of India. The project agreements were signed by K. Guite, Director, Ministry of Development of North Eastern Region; J N Sharma, Secretary, public works department, Government of Assam; R R Rashmi, Additional Chief Secretary, Government of Manipur; Ranbir Singh, Resident Commissioner, Government of Mizoram, and Sukamal Bhattacharjee, Additional Chief Engineer, public works department, Government of Tripura.
The North Eastern States Roads Investment Program is designed to reconstruct roads in the northeastern states of Assam, Manipur, Mizoram, Tripura, Meghalaya, and Sikkim, thereby reducing their isolation and opening up badly needed growth and development opportunities. Improvements include widening existing sections of roads, strengthening pavements, raising embankments, and providing permanent structures at river crossings.
“Better roads in the region will also significantly improve the investment climate for the private sector, both domestic and foreign,” said Mr. Mitash.
The project is expected to be completed by 30 September 2019 with improvements to more than 236 km of roads in Assam, Manipur, Mizoram and Tripura states.
The loan agreement for the first phase of the project, covering around 200 kilometers of state roads in the states of Assam, Meghalaya and Sikkim, was signed in July 2012.
The loan of $125.2 million from ADB’s ordinary capital resources makes up to 79.7% of the total project cost of almost $157.2 million, with the central and state governments providing counterpart finance of $32 million. The loan has a 25-year term, including a five-year grace period with an annual interest rate determined in accordance with ADB's LIBOR-based lending facility.