NDB approves three projects in India and Russia with loans aggregating USD 825 million

On 18 September 2018, the 16th Meeting of the Board of Directors (Board) of the New Development Bank was held in Shanghai. At the Meeting, the Board approved three infrastructure and sustainable development projects in India and Russia with loans aggregating USD 825 million.

The NDB will provide a loan of USD 350 million to the Government of the Republic of India for Madhya Pradesh Major District Roads Project II. The loan will be used by the Government for on-lending to the State Government of Madhya Pradesh for rehabilitating major district roads with a total length of about 2,000 km to improve connectivity of the rural interior with the national and state highway networks. The Project will improve road conditions and enhance transport capacity, which will lead to benefits of less travel time, reduced vehicles operating cost, reduced emissions, and improved road safety. The positive impacts of the Project also include promoting inclusive development of the rural communities of the State of Madhya Pradesh and stimulating regional economic development.

The NDB will also provide a loan of USD 175 million to the Government of the Republic of India for Madhya Pradesh Bridges Project. The objective of the Project is to tackle the weak links of the road network, the bridges of Madhya Pradesh State, to realize the full benefits of upgrading the state highways and major districts roads, through constructing and upgrading about 350 bridges in the State of Madhya Pradesh. The positive impacts of the project include promoting inclusive development of the rural communities of the State of Madhya Pradesh and stimulating regional economic development through improved connectivity, enhanced accessibility and increased job opportunities.

Original source: NDB
Published on 19 September 2018