ADVERTISEMENT

ADB to provide $100m loan for sustainable urban services in five Uttarakhand towns

ADVERTISEMENT

The Government yesterday signed an agreement for a $100 million loan with the Manila-based Asian Development Bank (ADB) as the second tranche of the Uttarakhand Urban Sector Development Investment Programme which will support rehabilitation and expansion of basic urban infrastructure in five major urban centers of Uttarakhand and ensure sustainable municipal service delivery.

An official press release said the project would supplement the urban infrastructure programme already initiated under the first tranche in Dehradun, Haridwar and Nainital and will be extended to cover in addition Haldwani, Roorkee and Ramnagar towns specially for improving the water supply infrastructure that will benefit about 800,000 residents. 
 
A comprehensive sewerage system will also be developed under the project, which will provide improved sanitation facilities to about 100,000 residents of Roorkee town, it said.
 
The documents were signed by Dr. Anup Wadhawan, Joint Secretary, Department of Economic Affairs on behalf of Government of India, Mr. Hun Kim, Country Director of ADB’s India Resident Mission on behalf of ADB and Mr. M.H. Khan, Secretary (UD) on behalf of Government of Uttarakhand.
 
Ms Radhika Jha, Project Director and Dr. Anwar A. Khan, Deputy Programme Director from Uttarakhand Government were part of the loan signing team. 
 
Dr. Wadhawan said that it is important for urban infrastructure to keep pace with population levels and its future growth. The project will address this objective and help alleviate infrastructure deficiencies, tap economic potential, and improve the living environment, he said.
 
ADVERTISEMENT
Mr. Hun said that the project will improve the quality life and employment opportunities for the people living in five project towns. It will also improve the ability of participating institutions to manage sector reforms and deliver better services. The contribution of tourism in the state economy is significant, so upgrades to key infrastructure will also help draw visitors and generate more employment opportunities. 
 
The second tranche loan from the ADB’s Ordinary Capital Resources has a 25-year term including a grace period of five years, commitment charges of 0.15% and interest rate to be determined in accordance with ADB’s LIBOR-based lending facility. The Government of India will provide counterpart funds of $42.86 million for a total second tranche project investment cost of $142.86 million. 
 
NNN
ADVERTISEMENT
 

See News Videos

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <canvas>
  • Lines and paragraphs break automatically.

More information about formatting options

© Copyright 2012 NetIndian. All rights reserved. Republication or redistribution of NetIndian content, including by framing or similar means, is expressly prohibited without the prior written consent of NetIndian Media Corporation. Write to info[AT]netindian[DOT]in for permission to use content. Read detailed Terms of Use.