Asian Development Bank (ADB) has inked a pact with the union government for $2.5 million (approx Rs18.23 crore) loan assistance to upgrade road infrastructure in Sikkim.

The Asian Development Bank and the Government of India has signed a $2.5 million project readiness financing (PRF) loan to support project preparation and design activities to upgrade major district roads in Sikkim that will help improve connectivity to important towns, rural areas, and pilgrimage and tourist destinations in the northeastern state. After signing the loan agreement, Mishra said that the PRF will support the state government’s priority in improving road connectivity in the hill state through planning and designing of the major district and other roads and bridges that will help boost the state’s economy and improve accessibility for people in remote villages. The PRF project aims to ensure implementation readiness through feasibility studies, preparing detailed engineering designs of selected subprojects and building capacity of state agencies so that the ensuing project gets completed in a timely manner. It will also help incorporate elements of road safety, maintenance, and climate adaptation and mitigation in the ensuing project for the long-term sustainability of created assets.

      Asian Development Bank (ADB) President- Masatsugu Asakawa

      Established- 1966; HQ- Manila, Philippines

      Members- 68 members(49- Asia & Pacific & 19-outside)