Maharashtra to get $350 mn loan from ADB for enhancing roadways

Maharashtra to get $350 mn loan from ADB for enhancing roadways

Tamil Nadu will receive $350 million to expand Chennai Metro, while Tripura will get $220 million for power generation.

FPJ Web DeskUpdated: Wednesday, January 04, 2023, 09:15 PM IST
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Status of infrastructure industry needs to be given to realty sector in order for it to raise funds from financial institutions/Representative image | proptiger

A weak infrastructure is the biggest challenge for India's growth, as its impact on corporate investments costs the country as much as 5 per cent of the GDP. The World Bank has also mentioned that the government needs to invest at least $840 billion in infrastructure, to meet the demands of India's swelling urban population. In a step towards this goal, the Indian government has signed a pact witn the Philippines-based Asian Development Bank for loans worth $1.22 billion, to finance development in Maharashtra, Tamil Nadu, Assam and Tripura.

Of this, Maharashtra will receive $350 million to enhance its road infrastructure which will include measures for climate change adaptation and handling the risk of disasters alongside highway works programmes catering to the needs of women, children, the elderly, and people with disability. The money will be spent on about 319 kilometre of state highways and 149 kilometre of district roads, while a 5 kilometre network of district roads to connect Nanded with parts of Telangana will also be built.

Another $350 million will be spent on Tamil Nadu's of metro rail expansion for Chennai, along with a $1 million grant for technical assistance. Assam on the other hand, will receive $300 million for improving connectivity, and Tripura gets the remaining $220 million for enhancing its power sector, with a more efficient combined cycle gas turbine.

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