31 March 2017

India signs First Loan Agreement with New Development Bank

India signs First Loan Agreement with New Development Bank

The Loan Agreement for New Development Bank (NDB) financing of US$ 350 Million for Development and Upgradation of Major District Roads Project in Madhya Pradesh was signed between Government of India and the New Development Bank (NDB).

This is the First Loan Agreement for NDB assisted project in India. The objective of the Project is upgradation of major district roads (Approx. 1,500 km) in Madhya Pradesh to improve connectivity of the interior areas of the state with the national and state highway networks.

The project implementation is 5 years. The Government of Madhya Pradesh and the Madhya Pradesh Road Development Corporation Limited (MPRDC) are the implementing agencies.

    Takeaways from above News-
    • India signs First Loan Agreement of US$ 350 Million with New Development Bank for the first time
    • The project implementation duration is 5 years
    • The Government of Madhya Pradesh and MPRDC are the implementing agencies
    • Judiciary capital of Madhya Pradesh is Jabalpur
    • New Development Bank (NDB) is headquartered in Shanghai, China
    • BRICS countries are members of NDB.

    If you have any other takeaways, do share with us in the comment section

    Source- PIB

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