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Publish Date : 04-Apr-2017

The Government of India has accomplished the signing of a loan deal worth USD 350 million with the New Development Bank (NDB), formerly referred to as the BRICS Development Bank, for the establishment and modernization of major district roads in the State of Madhya Pradesh.

In a statement, the Finance Ministry revealed, The loan agreement for New Development Bank (NDB) financing of USD 350 million for development and upgradation of major district roads project in Madhya Pradesh was signed between Government of India and NDB.

This loan agreement marks first such deal for any NDB-backed project in India.

According to the statement, the project aims to upgrade the key district roads in Madhya Pradesh to facilitate enhanced connectivity to the internal parts of the State with the networks of both national and state highways.

Upgrading, renovating or reconstructing around 1,500km of district roads to intermediate lane, all-weather standards, with road safety elements and enhanced maintenance as well as management of the road assets are also envisioned in the project.

The project is intended to enhance the transport connectivity to the rural regions and subsequent improvement to the economic activities in the rural areas.

The Government of Madhya Pradesh and the MPRDC, the implementing agencies of the project, will execute it over a period of five years.

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