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Monday, September 20, 2021

ADB, GoI sign $300-million loan deal for rural connectivity in Maharashtra

The additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project will help improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 km in 34 districts.

By: Express News Service | Mumbai |
September 8, 2021 11:24:03 pm
The project, with $200 million financing, approved in August 2019 is already improving and maintaining 2,100 km of rural roads across Maharashtra. (File)

The Asian Development Bank (ADB) and Government of India on Wednesday signed a 300-million-dollar loan agreement as additional financing to scale up rural connectivity in Maharashtra.

The additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project will help improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 km in 34 districts. The project, with $200 million financing, approved in August 2019 is already improving and maintaining 2,100 km of rural roads across Maharashtra.

The signatories to the loan agreement were Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, signing for the Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission signing for ADB.

“With the additional financing, the project will improve the condition and safety of 5,000 km of rural roads and over 200 bridges connecting rural communities with productive agricultural areas and socioeconomic centres in Maharashtra,” Mishra said after signing the loan agreement.

Konishi said, “Improved connectivity through climate-resilient, all-weather rural roads will help accelerate Maharashtra’s economic recovery from COVID-19 shock by generating rural employment and transforming agriculture.”

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