|
The Government of India and the Asian Development Bank (ADB) have signed agreements for three loans worth over USD 800 million for projects in Maharashtra, Madhya Pradesh and Gujarat, the Ministry of Finance said in a statement Saturday.
The Government of India's engagement with ADB for the finalisation of the loans was led by Joint Secretary (ADB and Japan), Department of Economic Affairs, under whose guidance the loan signing process was carried out. Accordingly, the loan agreements for the Maharashtra Power Distribution Enhancement Programme for Agricultural Solarization (USD 500 million); Indore Metro Rail Project (USD 190.6 million), and Gujarat Skills Development Programme (USD 109.97 million) were signed by Saurabh Singh, Deputy Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Mio Oka, Country Director, India Resident Mission, on behalf of ADB. In addition, a Technical Assistance (TA) grant of USD 1 million was also signed to provide implementation support for the upcoming Sustainable Wetland and Integrated Fisheries Transformation (SWIFT) Project in Assam designed to enhance the state's wetland ecosystems and fisheries, the finance ministry statement noted. In Maharashtra, the USD 500 million ADB-supported programme aims to modernise rural power infrastructure, promote distributed renewable energy generation, and improve agricultural productivity by providing farmers with reliable daytime solar electricity for irrigation. By 2028, the programme aims to provide daytime electricity to at least 900,000 agricultural consumers. Key components include modernising Maharashtra's electricity distribution network for renewable integration, entailing upgradation of substations, installing transformers, building high- and low-tension lines, and deploying 500 MWh of battery storage. The Japanese Yen-denominated loan (Y=27,147,200,000, equivalent to USD 190.6 million) for the Indore Metro Project will finance the construction of an 8.62-km underground metro line with seven stations, connecting congested areas of Indore to the airport. The project includes multimodal integration with existing bus and feeder services to improve access to educational institutions and markets. The Madhya Pradesh Metro Rail Corporation Limited will implement the project, with operations expected to begin by January 2030. In Gujarat, the USD 109.97 million Skills Development Programme aims to equip the state's workforce with industry-aligned, advanced skills to boost job-readiness in high-growth sectors. These sectors include logistics, automotive, manufacturing, information technology, renewable energy, healthcare and agri-tech. Led by the state's Labour, Skill Development and Employment Department, in collaboration with Kaushalya: The Skill University (KSU), the programme will help upgrade 11 mega ITIs, establish centres of excellence, and partner with affiliated private training providers through a hub-and-spoke model anchored by KSU. Courses will be designed in close collaboration with industry to ensure alignment with market demands and job trends. (ANI)
|
