India and the Asian Development Bank (ADB) signed a $120 million loan agreement for completion of works for double-tracking and electrification of railways tracks along high-density corridors to improve the operational efficiency of Indian railways.
The tranche 3 loan is part of the $500 million multi-tranche financing facility for Railway Sector Investment Program approved by the ADB Board in 2011. ADB loan has a 20-year term, including a grace period of 5 years, an annual interest rate determined in accordance with ADB’s London interbank offered rate (LIBOR)-based lending facility.
Source- DD News
Static/Current Takeaways Important for Exams-
- President of ADB- Takehiko Nakao, ADB Headquarters- Manila, Philippines, Opened on- 19th December 1966.