ADB sanctions $400 million loan for a 11,000 km road project
By Our Banking Bureau | 22 Nov 2003
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New Delhi: Asian Development Bank (ADB) has approved a $400 million loan for building 11,000 km of all-weather roads in Madhya Pradesh and Chhattisgarh as part of the Pradhan Mantri Grameen Sadak Vikas Yojana.
The $400 million loan for the Rural Roads Sector I Project, cleared by the ADB board in Manila, will also be utilised to establish management systems to ensure sustainability of the road networks, according to a senior ADB official.
ADB's loan comes from its ordinary capital resources with a 25 year term, including a grace period of five years. The spread is determined in accordance with ADB's LIBOR-based lending facility.
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