Latest News | India, ADB Ink USD 350 Mn Loan Pact for a Logistics Programme

New Delhi, Dec 20 (PTI) The Government of India and the Asian Development Bank (ADB) on Friday signed a USD 350 million policy-based loan pact under a programme of strengthening multimodal and integrated logistics ecosystem (SMILE), an official statement said.

The signatories to the loan agreement were Department of Economic Affairs (DEA), Ministry of Finance; Department for Promotion of Industry and Internal Trade (DPIIT), and the ADB.

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SMILE is a programmatic policy-based loan (PBL) programme to support the government in undertaking wide-ranging reforms in the logistics sector in India, the statement said.

The programme establishes and operationalises a comprehensive policy framework to enhance logistics efficiency through strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels; and standardising warehousing and other logistics assets to strengthen supply chains and incentivize greater private sector investment, it added.

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(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)