India
made an agreement with Asian Development Bank (ADB) for continued
improvement of rural roads in Assam, Chhattisgarh, Madhya Pradesh,
Odisha and West Bengal. India will $252-million loan from ADB under the
‘rural connectivity investment programme. It is a part of $800 million
financing facility under the ‘rural connectivity investment programme
which aims to 3,461 km of all-weather rural roads in these States.
The first tranche of the loan, expected to be completed in December 2015 from the ADB’s ordinary capital resources, has a 25-year term, including a grace period of five years, a commitment charge of 0.15 per cent per year and an interest rate to be determined in accordance with the Manila-based institution’s LIBOR (London Interbank Offered Rate) -based lending facility.
The first tranche of the loan, expected to be completed in December 2015 from the ADB’s ordinary capital resources, has a 25-year term, including a grace period of five years, a commitment charge of 0.15 per cent per year and an interest rate to be determined in accordance with the Manila-based institution’s LIBOR (London Interbank Offered Rate) -based lending facility.
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