ADB to provide loans worth $850 mn to India

ADB to provide loans worth $850 mn to India

New Delhi: India has signed two loan agreements totalling $850 million (Rs3,978 crore) with the Asian Development Bank (ADB), the finance ministry said in a statement on Tuesday.

ADB will provide a $700 million loan, in three tranches in as many years, to state-run India Infrastructure Finance Co. Ltd to fund the country’s infrastructure programme.

The Manila-based bank will lend $150 million in four tranches over a period of three years, the statement added, for the restructuring and development of the khadi industry.

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