India signed its first loan agreement with the New Development Bank (NDB) for $350 million to be used in the development and upgradation of district roads in Madhya Pradesh.
“he objective of the project is the upgradation of major district roads in the state of Madhya Pradesh to improve connectivity of the interior areas of the state with the national and state highway networks.
The project would include upgradation, rehabilitation or reconstruction of approximately 1,500 km of district roads to intermediate lane, all-weather standards, with road safety features and improved road asset maintenance and management.
The project is to be implemented over five years with the Government of Madhya Pradesh and the Madhya Pradesh Road Development Corporation acting as the implementing agencies.
The loan agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs and Xian Zhu, Vice President & Chief Operating Officer of the New Development Bank.
New Development Bank: Know More- Headquarters: Shanghai, China
- President: K. V. Kamath
- Founder: BRICS
- Founded: 15 July 2014, Fortaleza, Ceará, Brazil
- Type of business: International Financial Institution
- First president: K. V. Kamath
