The Asian Development Bank (ADB) has announced to provide Rs 2,100 crore loan to the Tripura government for the development of urban areas and tourism in the northeastern state. From the total fund of Rs 2,100 crore, Rs 1600 crore will be for urban development and Rs 500 crore for the tourism sector.
About the Project:
- Under this, all 20 urban local bodies in Tripura would be covered and in the tourism sector, all tourism destinations, roads leading to them and tourist facilities would be covered.
- Under the loan arrangement, initially ADB would provide Rs 40 crore for engagement of project design and management consultants for urban and tourism sectors.
- Once the projects are prepared, ADB would provide Rs 1,600 crore for development works in urban areas and Rs 500 crore in the tourism sector over the next three years.
Important takeaways for all competitive exams:
- President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.
- ADB Established: 9 December 1966.