India and the Asian Development Bank (ADB) signed an $80 million loan agreement for improving the infrastructure in the two North-Eastern cities of Agartala and Aizawl.
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The loan is the third tranche of a $200 million financing facility under the North-Eastern Region Capital cities Development Investment Program and will be used for investments in water supply, solid waste management and sanitation in Agartala and Aizwal. It will also support urban reforms, benefiting nearly a million people in the two cities.
The previous two tranches were aimed at improving the infrastructure in Shillong, Aizawl, Kohima, Gangtok and Agartala.
Aizawl and Agartala were selected for the third tranche “based on their progress on reforms and implementation performance under earlier tranches.”
The Ministry of Urban Development is to complete the third tranche-related activities by June 2019.
The loan agreement, signed by Raj Kumar, Joint Secretary, Finance Ministry and Teresa Kho, Country Director, ADB's India Resident Mission, carries a 20-year term.
Current Affairs: 28th January, 2016 Current Affairs Round up December, 2015.
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