What: Signed Loan Agreement with Asian Development Bank
When: 28 Septemeber 2015
India on 28 September 2015 signed a 123.51 million US dollar loan agreement with Asian Development Bank (ADB) to upgrade tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh.
The agreement was signed by M Teresa Kho, Country Director for ADB in India and Raj Kumar, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Union Ministry of Finance.
The loan will be used for development and conservation of the places of tourist attractions. It will also be used to improve basic tourism facilities and to build the capacity of sector agencies and local communities in the States of Himachal Pradesh, Uttarakhand and Punjab.
It will also support conservation of important heritage structures including some century-old structures, new facilities including centers for arts and crafts in the three states. Eco-parks and eco-tourism will also be developed to help the states attract more tourists.
Moreover, to improve income opportunities for the local communities, more than 4000 community members will be trained in tourism-related skills such as guides, crafts, and other recreational activities. And at least 30 community-based societies will be made operational to manage heritage sites.
This is the third tranche loan agreement and it is a part of the 250 million US dollar multi-tranche financing facility named Infrastructure Development Investment Program for Tourism that was approved by ADB in 2010.