New Delhi: The Asian Development Bank (ADB) on Monday approved USD 57.5 million (around Rs 265.6 crore) in grants and loans to India, Nepal and Bangladesh to develop major tourism sites, including Buddhist sites.
The South Asia Tourism Infrastructure Development Project
would improve the existing infrastructure and services and
develop new ones in key tourism sites in the three countries.
The project is expected to be complete by September 2014, the
bank said in a statement.
Beside the ADB support, governments of these countries,
and the OPEC (Organization of Petroleum Exporting Countries)
Fund for International Development, would provide the
remaining project cost of USD 89.5 million (around RS 413.5
crore).
"Tourism plays an important role in the regional economy
and this project will benefit around 2.4 million people," said
Gulfer Cezayirli, Principal Urban Development Specialist at
ADB's South Asia Department.
The benefit to people would come about through increased
income and employment, health and environmental improvements,
and reduced travel time, the bank said.
While India would get a loan of USD 20 million equivalent
from ADB’s ordinary capital resources, Bangladesh would get a
USD 12 million on ADF (Asian Development Fund )loan, and Nepal
would get USD 12.75 million in grants and USD 12.75 million as
loan equivalent, both from ADB’s concessional ADF, the bank
said.
Bureau Report
First Published: Monday, November 16, 2009, 20:32