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ADB to lend $120 mn for improving Indian rail infrastructure
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SME Times News Bureau | 17 Mar, 2018
The Asian Development Bank (ADB) on Friday signed a $120 million loan
agreement with India to improve operational efficiency of Indian
railways by double-tracking and electrification of tracks along
high-density corridors.
The loan is part of the $500 million
multi-tranche financing facility for railway sector investment programme
approved by the ADB board in 2011.
The loan amount will be used to complete the ongoing works commenced under earlier tranches, a government statement said.
Department
of Economic Affairs Joint Secretary (Multilateral Institutions) Sameer
Kumar Khare said the programme will help develop an energy-efficient,
safe, and reliable railway system that will result in reduced travel
time along project rail routes and improved operational and financial
efficiency.
ADB's India Resident Mission Country Director Kenichi
Yokoyama added that the funding for tranche three loan will contribute
towards achieving the overall program outputs of double-tracking about
840 km of rail routes and electrification of 640 kilometer of tracks
along high density corridors.
The investment program is targeting
busy freight and passenger routes in the states of Chhattisgarh,
Odisha, Maharashtra, Karnataka and Andhra Pradesh, including the Golden
Quadrilateral corridor that connects Chennai, Kolkata, Mumbai and New
Delhi.
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