India’s federal government and the Asian Development Bank (ADB) Tuesday signed four different loan agreements worth 1.22 billion U.S. dollars for developing infrastructure in four Indian states, the federal finance ministry said.
The four separate agreements would cover infrastructural projects ranging from metro rail, power, and the road to economic areas in Tamil Nadu, Tripura, Assam and Maharashtra respectively.
According to the finance ministry, a 350 million dollar loan from ADB will be used to build new lines and improve the connectivity of the metro rail system in Chennai, the capital city of Tamil Nadu.
In Tripura, a 220 million dollar loan will be used to strengthen the state’s power sector. Likewise, a 300 million dollar loan from ADB will be used to upgrade over 300 km of state highways and major district roads in Assam.
For Maharashtra, a 350 million dollar loan will be used to improve the connectivity of key economic areas in the state, the ministry said.