India and ADB sign a USD 200 million loan to enhance urban services in Uttarakhand.
Banking & Finance
The Government of India (Gol) and the Asian Development Bank (ADB) signed a USD 200 million loan (about Rs 1,680 crore) to provide support in the upgradation of water supply, sanitation, urban mobility, and other urban services in the state of Uttarakhand.
- The agreement was part of the Uttarakhand Livability Improvement Project and was signed by Juhi Mukherjee, joint secretary, Department of Economic Affairs (DEA), Ministry of Finance (MoF), and Mio Oka, country director of ADB's India Resident Mission.
- The European Investment Bank (EIB) will co-finance the project with USD 191 million on a parallel basis.
- The main aim of the project was to create urban infrastructure that is strong enough to tackle climate and environmental risks such as floods and landslides, ensuring the safety and health of Uttarakhand's population.
Main Points:- (i) The project will develop transportation, urban mobility, drainage, flood management, and overall public services in Haldwani.
(ii) Climate-resilient roads of 16 kilometers (km) in length will be developed in Haldwani, along with an intelligent traffic management system, providing compressed natural gas buses, and pilot electric buses.
(iii) The project will construct 36 km of stormwater and roadside drains to improve flood management and implement an early warning system against disasters.
About Asian Development Bank (ADB)
President: Masatsugu Asakawa
Headquarters: Manila, the Philippines
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