India and ADB Sign $350 Million Loan for Upgrading 1,500 kms of District Roads in State of Madhya Pradesh

Posted on:23 Mar 2017 09:54:34
India and ADB Sign $350 Million Loan for Upgrading 1,500 kms of District Roads in State of Madhya Pradesh
23 March 2017 Current Affairs: Philippines headquartered Asian Development Bank (ADB)’s Deputy Country Director L. B. Sondjaja and Joint Secretary (Multilateral Institutions), Department of Economic Affairs in the Ministry of Finance, Raj Kumar have signed a $350 million loan agreement in New Delhi on March 22, 2017. 

This loan amount will be used to improve 1,500 kilometers of major district roads in India’s second­largest State Madhya Pradesh. 

The state government of Madhya pradesh also will allocate $150 million for this project iv. At the same time Pramod Agrawal, Principal Secretary of Madhya Pradesh government and Piyush Kumar Chaturvedi, General Manager of Madhya Pradesh Road Development Corporation (MPRDC) signed a four year project agreement 

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