India signs $123.51 million loan agreement with Asian Development Bank

MoneyThe Government of India signed a loan with $123.51 million with Asian Development Bank (ADB) for tranche 3 of the Infrastructure Development Investment Programme.

The programme aims to upgrade tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh.

“The loan will be used for development and conservation of tourist attractions. It will also be used to improve basic tourism facilities, and to build the capacity of sector agencies and local communities in the States of Himachal Pradesh, Uttarakhand and Punjab,” the Ministry of Finance said in an official statement.

The third tranche loan is part of the $250 million multi-tranche financing facility that ADB approved in 2010.

M. Teresa Kho, Country Director for ADB in India said that the loan will support conservation of important heritage structures, including some century-old structures, new facilities including centers for arts and crafts in the three states. Eco-parks and eco-tourism will also be developed to help the states attract more tourists.

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