India, ADB sign $800 million loan

The Government of India and the Asian Development Bank (ADB) have signed agreements for three loans worth over USD 800 million for projects in Maharashtra, Madhya Pradesh and Gujarat, the Ministry of Finance said in a statement Saturday.

- TBG NETWORK

‘The Government of India’s engagement with ADB for the finalisation of the loans was led by Joint Secretary (ADB and Japan), Department of Economic Affairs, under whose guidance the loan signing process was carried out.

Accordingly, the loan agreements for the Maharashtra Power Distribution Enhancement Programme ‘for Agricultural Solariza-tion (USD 500 million); Indore Metro Rail Project (USD 190.6 million), and Gujarat Skills Development Programme (USD 109.97 million) were signed by Saurabh Singh, Deputy Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Mio Oka, Country Director, India Resident Mission, on behalf of ADB.