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.