The Asian Development Bank and the Government of India signed an agreement for financing road up-gradation project in Sikkim. ADB will give a $2.5 million project readiness financing (PRF) loan to support projects related to upgradation of major district roads in Sikkim. It will improve the connectivity and also boost the economic activities in the state. The project readiness nancing (PRF) will help in connecting the major district and other roads with the national and state highway network.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
In 2011, the ADB-funded North Eastern State Roads Investment Program was launched to improve road connectivity in Sikkim. The state agencies will prepare detailed engineering designs of selected sub-projects and do feasibility studies. Sikkim’s road network requires regular up-gradation due to frequent landslides and erosion.
Important takeaways for all competitive exams:
- ADB is a regional development bank established in 1966;
- ADB Members: 68 countries (49 members are from Asia pacific region);
- ADB is headquartered in Mandaluyong, Philippines;
- Masatsugu Asakawa is the current president of ADB.
Find More News Related to Agreements