India News | ADB Approves Rs 458cr Loan to Improve Infra of Tripura's Capital: Official
Get latest articles and stories on India at LatestLY. Asian Development Bank (ADB) has approved a loan amounting to around Rs 458 crore for strengthening urban infrastructure in Tripura's capital Agartala, an official said on Tuesday.
Agartala, Nov 2 (PTI) Asian Development Bank (ADB) has approved a loan amounting to around Rs 458 crore for strengthening urban infrastructure in Tripura's capital Agartala, an official said on Tuesday.
The financial support will be provided to harness technology and promote new developments to accommodate the increasing population in Agartala, he said.
Agartala, one of the fastest-developing cities in the country, is strategically located near the Bangladesh–Bhutan–India–Nepal economic corridor and has the potential to become a commercial hub for the northeastern region, the official said.
“ADB's support is aligned with the Centre's Smart Cities Mission programme, which will drive economic growth through local area development," ADB Urban Development Specialist for South Asia Pedro Almeida said.
The project will upgrade the city's urban infrastructure and services that will facilitate economic resilience and improve the quality of life of its residents, the official said.
However, the city currently suffers from poor infrastructure such as inadequate drainage systems and road networks.
“@ADB_HQ approves a USD 61 million loan and (USD) $1 million technical assistance (TA) grant for the urban development in Agartala. With this financial support, #Tripura will march ahead on the path of becoming a model state as envisioned by Hon'ble PM Shri @narendramodi," Chief Minister Biplab Kumar Deb said on Twitter on Monday.
The loan amount will be used to upgrade a 48-km long drainage facility and construct 23-km climate-resilient roads.
The project will revitalise the city by renovating open spaces and creating water recreation and lakeside walkways in the Maharaja Bir Bikram College lake and the Ujjayanta Palace.
In addition, ADB will provide the USD 1 million technical assistance grant to support the project's capacity building and awareness-raising activities, the official added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)