ADB to lend USD 470 mn for projects in Bihar, Maharashtra
The Asian Development Bank will extend loans worth USD 300 million to develop roads in Bihar and another USD 170 million for modernising the horticulture industry in the state and Maharashtra.
New Delhi: The Asian Development Bank will
extend loans worth USD 300 million to develop roads in Bihar and another USD 170 million for modernising the horticulture
industry in the state and Maharashtra.
Both the plans have been approved by ADB`s board of
The multilateral lending agency will offer USD 300
million in loans for the Bihar State Highways II project,
which would build or upgrade about 356 kilometres of state
In a statement today, ADB said the project would upgrade
targetted highways into two-lane roads, build new drainage
systems and bridges and strengthen culverts and existing
The lender would extend technical assistance of USD 1
million to help the Bihar State Road Development Corporation.
The ADB noted the loan would account for about 71 per
cent of the total project cost of USD 424 million. The Bihar
government would provide counterpart funds of USD 124 million.
Separately, the Philippines-based entity would provide a
USD 170 million multitudinous financing facility to help Bihar
and Maharashtra modernise their horticulture industries.
"The programme will finance improvements to facilities
such as cooling, packaging and storage sheds and drainage and
waste management systems, as well as linking up essential
infrastructure, such as power, water and farm-to-market access
roads," ADB said in a separate statement today.
According to the statement, this investment initiative
would pioneer the mainstreaming of public-private partnerships
that would result in higher value for horticulture products in
select regions of Bihar and Maharashtra.
"The total investment cost for the programme is USD 212.2
million, with the government of India providing counterpart
finance of USD 42.2 million," the ADB added.