India Signs USD 329 Million Loan Pact With AIIB for Gujarat Road Project

India signed a loan agreement with Asian Infrastructure Investment Bank (AIIB) for financing of USD 329 million for Gujarat Rural Roads Project.

The objective of the project is to improve the rural road connectivity and accessibility to 1,060 villages in all the 33 districts in Gujarat state benefiting about 8 million people. The project will also benefit the service providers such as public transport operators, educational institutions, hospitals, local markets and traders.

Important Takeaways from Above News-

  • Headquarters of AIIB is located in Beijing, China.
  • Jin Liqun is the current President of AIIB. 
Source- The Economic Times

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