ADB Approves $250 Million Loans for India's RRTS & Industrial Corridors
By Rediff Money Desk, NEWDELHI Dec 18, 2023 20:17
The Asian Development Bank (ADB) has approved two loans worth $250 million each for India, one for the Delhi-Meerut RRTS corridor and another to support industrial corridor development.
![ADB Approves $250 Million Loans for India's RRTS & Industrial Corridors](https://im.rediff.com/money/2020/oct/07rrts.jpg)
New Delhi, Dec 18 (PTI) Manila-based Asian Development Bank (ADB) on Monday said it has approved two loans, including funding for the construction of an 82-km Delhi-Meerut Regional Rapid Transit System (RRTS) corridor, of USD 250 million each.
The other loan of USD 250 million towards continued support to industrial corridor development to make manufacturing more competitive, strengthen national supply chains and links with regional and global value chains, and create more and better jobs.
Earlier, ADB approved a USD 1,049 million Multi-tranche Financing Facility (MFF) for the project in 2020 to support the construction of RRTS, the first of three priority rail corridors planned under the NCR Regional Plan 2021, to connect Delhi to other cities in adjoining states, a finance ministry said in a statement.
The RRTS will have multi-modal hubs to ensure smooth interchange with other transport modes, it said, adding the first tranche of the ADB loan amounted to USD 500 million with another USD 500 million co-financed by AIIB.
After signing the loan agreement, Juhi Mukherjee, Joint Secretary, Finance Ministry, stated that the investment project will enable the RRTS to improve urban mobility, and the project's economic impacts will also benefit women and the differently abled.
In another statement, the loan for the Subprogram 2 will help in the integration of industrial corridors with transport, logistics and urban facilities under the government's Prime Minister Gati Shakti platform.
This loan builds on the USD 250 million Subprogram 1 loan approved by ADB in October 2021 that helped strengthen policy frameworks for the Government of India's National Industrial Corridor Development Programme (NICDP) and develop 11 industrial corridors.
The program is expected to create jobs in the manufacturing sector in industrial nodes, covering areas such as agribusiness, automotives, electronics, food and beverages, heavy machinery, pharmaceuticals, and textiles. It will contribute to the alleviation of poverty in the corridor states.
The other loan of USD 250 million towards continued support to industrial corridor development to make manufacturing more competitive, strengthen national supply chains and links with regional and global value chains, and create more and better jobs.
Earlier, ADB approved a USD 1,049 million Multi-tranche Financing Facility (MFF) for the project in 2020 to support the construction of RRTS, the first of three priority rail corridors planned under the NCR Regional Plan 2021, to connect Delhi to other cities in adjoining states, a finance ministry said in a statement.
The RRTS will have multi-modal hubs to ensure smooth interchange with other transport modes, it said, adding the first tranche of the ADB loan amounted to USD 500 million with another USD 500 million co-financed by AIIB.
After signing the loan agreement, Juhi Mukherjee, Joint Secretary, Finance Ministry, stated that the investment project will enable the RRTS to improve urban mobility, and the project's economic impacts will also benefit women and the differently abled.
In another statement, the loan for the Subprogram 2 will help in the integration of industrial corridors with transport, logistics and urban facilities under the government's Prime Minister Gati Shakti platform.
This loan builds on the USD 250 million Subprogram 1 loan approved by ADB in October 2021 that helped strengthen policy frameworks for the Government of India's National Industrial Corridor Development Programme (NICDP) and develop 11 industrial corridors.
The program is expected to create jobs in the manufacturing sector in industrial nodes, covering areas such as agribusiness, automotives, electronics, food and beverages, heavy machinery, pharmaceuticals, and textiles. It will contribute to the alleviation of poverty in the corridor states.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.90 ( -3.35)
- 166585989
- Alstone Textiles
- 0.75 (+ 8.70)
- 47681821
- GTL Infrastructure
- 3.27 (+ 4.81)
- 44040612
- Visagar Financial
- 0.91 (+ 12.35)
- 29755394
- YES Bank Ltd.
- 23.70 (+ 0.77)
- 22163699
MORE NEWS
![Indian Economy...](https://im.rediff.com/80-80/money/2020/nov/22economy.jpg)
Indian Economy Growth: Exports, Manufacturing &...
Mumbai, June 30 (PTI) Healthy increase in the country's exports, improvement in the...
![India Launches...](https://im.rediff.com/80-80/news/2020/jul/imports-o.jpg)
India Launches Anti-Dumping Probe on Glass...
New Delhi, June 30 (PTI) India has initiated an anti-dumping probe into the import of...
![IBBI Launches...](https://im.rediff.com/80-80/money/2020/dec/16insolvency.jpg)
IBBI Launches Electronic Forms for Liquidation...
New Delhi, Jun 30 (PTI) To ease the compliance burden for insolvency professionals, and...