India signs $80 Million Loan agreement with ADB to Improve Urban Services in Agartala and Aizwal [ Current Affairs ]
About the agreement of India and ADB: Union Government and Asian Development Bank have signed $80million loan agreement to improve urban services in two North Eastern cities Agartala of Tripura and Aizwal of Mizoram.
- This loan agreement is the third tranche of a $200 million which is the financing facility of ADB under its North Eastern Region Capital cities Development Investment (NERCDI) Program.
The uses of loan:
- The funds of this loan will be used for investments in water supply, health and solid waste management in Agartala and Aizwal.
- It will support urban improvements as well as strengthen the institutional, managerial and financial capacity in both cities.
- This ADB’s third tranche loan is in the form of regular capital incomes in terms of 20-years.
- The Union Ministry of Urban Development is nodal agency for applying the tranche three activities and complete program.
About Asian Development Bank:
- Asian Development Bank (ADB) is located in Metro Manila of Philippines.
- It was established in 1966 to promote social and economic development in Asia.
- It is owned by 67 members till its establishment from 31 members.
- Published on: February 1, 2016