Union Government and Asian Development Bank (ADB) have signed $80million loan agreement to improve urban services in two North Eastern cities Agartala and Aizwal.
This loan agreement is the third tranche of a $200 million financing facility of ADB under its North Eastern Region Capital cities Development Investment (NERCDI) Program.
- The loan funds will be used for investments in water supply, sanitation and solid waste management in Agartala and Aizwal.
- It will support urban reforms as well as strengthen the institutional, managerial, and financial capacity of service institutions benefiting nearly a million people in the two cities.
- ADB’s third tranche loan is in the form of ordinary capital resources of 20-year term.
- The Union Ministry of Urban Development is nodal agency for implementing the tranche 3 activities and overall program associated with that will have June 2019 deadline.
Under NERCDI, the previous program tranches have provided assistance to five other cities in the Northeast. They are Aizawl (Mizoram), Shillong (Meghalaya), Gangtok (Sikkim), Kohima (Nagaland) and Agartala (Tripura).
About Asian Development Bank (ADB)
- ADB is based in Manila, Philippines.
- Members: It is owned by 67 members – 48 from the region including India.
- It is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.