The Government of India and the Asian Infrastructure Investment Bank (AIIB) signed loan and project agreements on Friday, facilitating a lending of USD 329 million for Gujarat Rural Roads Project by AIIB.
The loan agreement was signed by Sameer Kumar Khare, joint secretary (MI), Department of Economic Affairs (DEA), Ministry of Finance on behalf of the Government of India and Dr D.J. Pandian, Vice President and Chief Investment Officer, AIIB.
The Project Agreement was signed between A.K. Patel, Chief Engineer (Panchayat) and Additional Secretary, roads and building department, Government of Gujarat and Dr D. J. Pandian.
The project aims to improve rural road connectivity and accessibility to 1,060 villages in all the 33 districts in Gujarat state benefiting about eight million people. Apart from that, the project will also benefit the service providers such as public transport operators, educational institutions, hospitals, local markets and traders.
The two main components of the project are construction and up-gradation of Non-Plan Roads (NPRs) and up-gradation of planned roads.
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