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India signed 123.51 Million US dollar Loan Agreement with Asian Development Bank

September 30, 2015EconomyOmkar Sawant

India signed a 123.51 million US dollar loan agreement with Asian Development Bank (ADB) to upgrade tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh.

The agreement was signed by M Teresa Kho, Country Director for ADB in India and Raj Kumar, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Union Ministry of Finance.

Purpose of the loan

  • The loan will be used for development and conservation of the places of tourist attractions.
  • It will also be used to improve basic tourism facilities and to build the capacity of sector agencies and local communities in the States of Himachal Pradesh, Uttarakhand and Punjab
  • It will also support conservation of important heritage structures including some century-old structures, new facilities including centers for arts and crafts in the three states.
  • Eco-parks and eco-tourism will also be developed to help the states attract more tourists.
  • Moreover, to improve income opportunities for the local communities, more than 4000 community members will be trained in tourism-related skills such as guides, crafts, and other recreational activities.
  • At least 30 community-based societies will be made operational to manage heritage sites.

Infrastructure Development Investment Program for Tourism

This is the third tranche loan agreement and it is a part of the 250 million US dollar multi-tranche financing facility named Infrastructure Development Investment Program for Tourism that was approved by ADB in 2010.

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