ADB, India sign $350 million loan to improve in Maharashtra

A $350 million loan agreement was struck today between the Asian Development Bank (ADB) and the Government of India to enhance connectivity between important economic hubs in the state of Maharashtra. The Connecting Economic Clusters for Inclusive Growth in Maharashtra project was signed by Mr. Hoe Yun Jeong, Officer-in-Charge of ADB's India Resident Mission, who signed for ADB, and Shri Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance, who signed for the Government of India. Shri Mishra said that through enhancing connection, facilitating access to services, and boosting inclusive economic growth of the state's underperforming districts, the initiative will assist resolve intra-regional inequities. According to Mr. Jeong, This project builds on ADB's ongoing support to upgrade state highways and significant district roads in Maharashtra. It illustrates concepts and techniques that are not yet standard practise, including disaster risk reduction, climate change adaptation, and highway works projects responsive to the needs of women, children, the elderly, and people with disabilities. In order to boost the state's primary road network in the ten districts of Ahmednagar, Hingoli, Jalna, Kohalpur, Nagur, Nanded, Nashik, Pune, Sangli, and Satara, at least 319 km of state highways and 149 km of district roads would be upgraded. This would lower transportation costs for small and medium-sized businesses, enhance access to health and social services, and boost agricultural value chains in rural regions that are underdeveloped. The project would also build 5 km of significant district highways connecting Nanded and the neighbouring state of Telangana. In addition to establishing integrated service centres to offer fundamental sanitation, education, and other services, the initiative will promote gender equality and social inclusion in highway projects, schools, health, and social services. In order to create employment opportunities, skill development would be performed for businesses run by underprivileged women and other marginalised groups. The initiative will show how successfully the private sector can manage ongoing road maintenance for improved operational efficiency and life-cycle quality. It will also create a solid practise manual for disaster risk reduction and climate change adaptation in road design and upkeep.