HomeNewsBankingADB approves $300 million loans to expand rural connectivity in Maharashtra

ADB approves $300 million loans to expand rural connectivity in Maharashtra

ADB approves $300 million loans to expand rural connectivity in Maharashtra

On 8th September 2021, the Govt of India has signed a $300 million loan with Asian Development Bank (ADB) in order to scale up the improvement of rural connectivity to help boost the rural economy in Maharashtra. During signing the loan agreement, Rajat Kumar Mishra (India) and Mr. Takeo Konishi (ADB) were present.

  • The Loan amount will be used to improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 kilometers (km) in 34 districts.
  • Prior to this, $200 million financing was provided to Maharashtra and the condition and safety of 2,100 km of rural roads are being improved and maintained.

How $300 million loans will help Locals

  • The new project may create almost 3.1 million person-days of employment for local communities.
  • The project will provide opportunity for semiskilled and unskilled labor.

About Maharashtra –

  • Chief minister: Uddhav Thackeray
  • Governor: Bhagat Singh Koshyari
  • Capital: Mumbai

About Asian Development Bank (ADB) –

  • Headquarters: Mandaluyong, Philippines
  • President: Masatsugu Asakawa
  • Founded: 19 December 1966

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SourcePIB
ADB approves $300 million loans to expand rural connectivity in Maharashtra 1
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