India, ADB sign loans worth over $2.2 billion for various development projects

New Delhi, Dec 15 (IANS) The Central government and the Asian Development Bank (ADB) on Monday signed agreements for five loans worth over $2.2 billion to support various development projects in the country. 

The signed projects will supporte Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes Programme ($846 million); Accelerating Affordable and Inclusive Rooftop Solar Systems Development Programme (Subprogramme 1 for $650 million); Assam State Tertiary Health Care Augmentation Project (ASTHA for $398.8 million); Chennai Metro Rail Investment Project (Tranche 2 for $240 million); and Integrated Ecotourism and Sustainable Agri-based Livelihood Development in Meghalaya Project ($77 million).

The financing will advance initiatives under India’s national flagship programmes in skilling and rooftop solar deployment along with projects supporting healthcare, metro development and ecotourism promotion across three states, according to a Finance Ministry statement.

The ADB financing for Supporting Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes Programme aims to create a future-ready workforce for India’s manufacturing and emerging technology sectors.

This will be achieved through modernising 650 ITIs across 12 states and upgrading five National Skill Training Institutes into centres of excellence for advanced trainer development.

This will help deliver demand-driven courses in high-growth sectors such as renewable energy, electric mobility and advanced manufacturing, improving employability for at least 1.3 million youth, according to the statement.

The financing for the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Programme (Subprogramme 1) will support Pradhan Mantri Surya Ghar: Muft Bijli Yojana (PMSGMBY), aiming to accelerate rooftop solar adoption across the country and expanding access to clean, affordable energy for 10 million households by 2027.

The Assam State Tertiary Health Care Augmentation Project aims to address critical gaps in the state’s health system and shortages in tertiary care by modernising healthcare and medical education systems.

The second tranche loan for Chennai Metro Rail Investment Project will support the expansion of metro network along key sections of three metro lines including 20 km elevated and underground corridors and 18 new stations.

The financing for the Integrated Ecotourism and Sustainable Agri-based Livelihood Development in Meghalaya Project will support the state’s vision to become a top ecotourism destination while improving farmers’ incomes.

—IANS

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