India and NDB signs USD 646 million loan agreement for Andhra Pradesh

The New Development Bank (NDB) has signed loan agreements worth USD 646 million with the Government of India for two road projects in Andhra Pradesh. Each project costs USD 323 million. These projects will improve mobility and connectivity to the socioeconomic centres, enhance transport efficiency, improve road safety and riding quality, and provide all-weather accessibility for the State’s road users.

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First project:

The first project is the Andhra Pradesh Roads and Bridges Reconstruction Project. It comprises widening 1,600 km of State Highways to double lane and reconstructing dilapidated bridges on the State Highway network.

Second project:

The second project is Andhra Pradesh Mandal Connectivity and Rural Connectivity Improvement Project. It comprises widening 1,400 km of district roads to double lane and reconstructing dilapidated bridges on the district road network.

Important takeaways for all competitive exams:

  • New Development Bank Headquarters Location: Shanghai, China.
  • New Development Bank President: Marcos Prado Troyjo.
  • New Development Bank Founder: BRICS.
  • New Development Bank Founded: 15 July 2014.

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