India signs loan agreement with AIIB for road connectivity in Gujarat
DSIJ Intelligence / 05 Aug 2017
The loan and project agreements for Asian Infrastructure Investment Bank (AIIB) lending of USD 329 million for Gujarat Rural Roads Project have been signed between the Government of India/Government of Gujarat and the AIIB on Friday
The loan and project agreements for Asian Infrastructure Investment Bank (AIIB) lending of USD 329 million for Gujarat Rural Roads Project have been signed between the Government of India/Government of Gujarat and the AIIB on Friday, said a government release.
The objective of the project is to improve the rural road connectivity and accessibility (by providing all-weather road connectivity) to 1,060 villages in all the 33 districts in Gujarat state, benefiting about 8 million people. The project will also benefit service providers such as public transport operators, educational institutions, hospitals, local markets and traders.
The loan agreement was signed by Sameer Kumar Khare, Joint Secretary (MI), Department of Economic Affairs (DEA), Ministry of Finance on behalf of the Government of India and D J Pandian, Vice President and Chief Investment Officer, AIIB, on behalf of the AIIB.
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