UP govt signs pact with ADB for strengthening of roads

Uttar Pradesh Government has signed an agreement with Asian Development Bank (ADB) for a loan of 1950 crore rupees for strengthening of roads in different district. The agreement was signed at Lucknow in the presence of Chief Minister Yogi Adityanath and ADB President Takehiko Nakao.

As per agreement, ADB will provide the loan amount for Uttar Pradesh Main District Roads Development Project of 2782 crore rupees cost. State government will spend 832 crore rupees form its own resources on the project. Project is scheduled to be completed by 2024 and ADB will provide the loan for the period of 25 years on the interest rate of 2 percent.
Static Takeaways from Above News-
  • Takeshi Watanabe was ADB’s first President.
  • Takehiko Nakao is the current President of ADB.
  • ADB is headquartered in Mandaluyong, Philippines.
  • The Asian Development Bank was conceived in the early 1960s.
Source- AIR World News

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