India, ADB sign $60 million loan pact for Agartala City Urban Development Project
Know the significance of the $60 million loan pact signed between India and ADB for the Agartala City Urban Development Project.
The Central Government and Asian Development Bank (ADB) have signed a pact worth a $61 million (around Rs 454 crore) loan to fund development projects in Agartala, Tripura. The $61 million pact for the Agartala City Urban Development Project was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Indian government, and Takeo Konishi, Country Director of ADB’s India Resident Mission.
Also read: India, World Bank sign $40 million Meghalaya Health Systems Strengthening Project
India, ADB sign $61 million loan pact for Agartala City Urban Development Project
The $61 million loan pact signed by the Indian Government and ADB for the Agartala City Urban Development Project aims at improving livability, promoting new developments, and harnessing technology for accommodating the growing population in Agartala city. The pact will also aid in building the capacity of state agencies in Agartala for improved service delivery.
The Agartala City Urban Development Project aligns with the vision of the Smart City Mission for upgrading urban infrastructure services, improving livability in Agartala, upgrading road connectivity, making tourist places more attractive, and installing flood resilient measures.
The provision of sustainability strategy and asset management, livelihood improvement of artisans and street vendors, and capacity-building of tourism operators will serve as a model to other assets and tourist attractions in Agartala, noted Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance.
Through this project, Agartala’s central and north zones will be developed as models of area-based development in accordance with the principles of the smart city mission initiative. This in turn will create a ripple effect on other parts of Agartala and nearby cities by making urban areas more citizen-friendly, livable, sustainable, and resilient.
The Agartala City Urban Development Project will help in building and upgrading 48-kilometers of new or existing stormwater drainage and constructing 23-km of climate-resilient urban roads.
The Project will also help in funding the renovation of open spaces and creating water recreation and lakeside walkways in Maharaja Bir Bikram College Lake and Ujjayanta Palace which are major tourist attractions in Agartala.
The Project will aid ADB in catalyzing synergies with the smart city components in Agartala. These include improving road-geometry, urban design interventions, shifting electrical lines, installing elderly, differently-abled, women, and children responsive features.
Also read: ADB approves $250 million loan for India’s National Industrial Corridor Development Program
Also read: ADB approves $150 million loan for urban housing project in Tamil Nadu
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