India on 30 March 2017 signed loan agreement with the New Development Bank (NDB) of USD 350 million for development and upgradation of major district roads project in Madhya Pradesh.
The loan agreement was signed by Raj Kumar, Joint Secretary in the Department of Economic Affairs (DEA) and Xian Zhu, Vice President & Chief Operating Officer of the New Development Bank.
While, the project agreement was signed by Pramod Agrawal, Principal Secretary of Public Works Department and Manish Rastogi, Managing Director of Madhya Pradesh Road Development Corporation (MPRDC).
This is the first loan agreement for NDB assisted project in India.
Highlights of the project
• The Project is aimed at upgradation of major district roads in the state of Madhya Pradesh to improve connectivity of the interior areas of the state with the national and state highway networks.
• It will include upgradation, rehabilitation or reconstruction of approximately 1500 km of district roads to intermediate lane, all-weather standards, with road safety features and improved road asset maintenance & management.
• It will also aim to improve transport connectivity to the interior regions and resultant boost to economic activity in the rural hinterland.
• Madhya Pradesh Government and the Madhya Pradesh Road Development Corporation (MPRDC) are the implementing agencies of the project.
• The time allotted for the project implementation is 5 years.
When: 30 March 2017