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China-led AIIB clears $329-mn loan for building roads in Gujarat villages

AIIB will construct & upgrade district and farm-to-market access roads to 4,000 villages in Gujarat

Press Trust of India  |  New Delhi 

The logo of Asian Infrastructure Investment Bank is seen at its headquarter building in Beijing. Photo: Reuters
The logo of Asian Infrastructure Investment Bank is seen at its headquarter building in Beijing. Photo: Reuters

China-led Investment (AIIB) on Wednesday said that its board has approved $329 million loan to build access roads to 4,000 in

"The board of directors of the approved a loan of $329 million to build access roads to approximately 4,000 in all 33 districts of Gujarat, India," said in a statement.

Insufficient road into these limits their ability to access healthcare services, bring their goods to market and access for their children to attend schools, it said.

This project will construct and upgrade district and farm-to-market roads for the villagers and provide approaches to educational institutions, and

The upgraded road access is expected to have a positive impact on and girls by improving school attendance rates as the latter drop out due to lack of access to all weather roads.

The project will also better integrate population, tribal villages, business and with the national and state through better transport connectivity, the statement said.

"This project will directly contribute to the economic development of and by improving the mobility of the population," said D J Pandian, Vice-President and Chief Investment Officer,

He said that by integrating isolated and poor populations with the rest of the state and improving their access to critical social services such as and healthcare, a positive impact can be made on the economic and social outcome of local communities.

This is a standalone project by AIIB and part of phase one of the multi-phase Gujarat's 'Chief Minister's Rural Roads Programme' that complements the Centre's 'Prime Minister's Rural Roads Programme'.

To monitor the project's progress, the is piloting a tool specifically developed for this.

AIIB is a multilateral development bank, headquartered in Beijing, which commenced its operation in January 2016 and has now grown to 80 approved members from around the world.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, July 05 2017. 16:53 IST