India and ADB Join Forces on Strategic Development Projects

India and the Asian Development Bank have signed loan agreements worth over USD 800 million for key projects in Maharashtra, Madhya Pradesh, and Gujarat aimed at enhancing infrastructure, renewable energy, and skills development.

The Government of India and the Asian Development Bank (ADB) have formalized agreements for substantial financial injections into domestic infrastructure projects. These agreements, totaling over USD 800 million, are poised to accelerate development in Maharashtra, Madhya Pradesh, and Gujarat, the Finance Ministry announced.

The investment will benefit initiatives such as the Maharashtra Power Distribution Enhancement Programme, designed to support agricultural solarization with USD 500 million. Another key area of focus is the Indore Metro Rail Project, receiving approximately USD 190.6 million, bolstering regional urban transport infrastructure. Additionally, the Gujarat Skills Development Programme will receive funding to align state workforce skills with industry needs.

Furthermore, a USD 1 million Technical Assistance grant aims at implementing the Sustainable Wetland and Integrated Fisheries Transformation Project in Assam, enhancing local ecosystems. Maharashtra's project specifically targets modernizing the rural power network to facilitate renewable energy integration, aiming to supply daytime electricity to 900,000 agricultural consumers by 2028.

(With inputs from agencies.)