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India and AIIB ink US$329m loan contract

2017-08-07 3 ℃

INDIA signed a loan agreement with the Asian Infrastructure Investment Bank for a loan of US$329 million to improve rural road connectivity in the western state of Gujarat, officials said Saturday.

“The loan and project agreements for AIIB lending of US$329 million for Gujarat rural roads project have been signed between the government of India, government of Gujarat and the AIIB yesterday in New Delhi,” a finance ministry official said. “The objective of the project is to improve the rural road connectivity and accessibility in rural areas of Gujarat.

The project would benefit 8 million people in the state by providing all weather road connectivity to 1,060 villages in 33 districts, officials said.

The project would construct and upgrade non-planned roads besides upgrading of planned roads.