NDB Clears $350 Million for Upgrading M.P. Roads
The New Development Bank said on Tuesday that its board has approved a $350 million loan for upgrading 1,500 kms of district roads in Madhya Pradesh. Under the Madhya Pradesh Major District Roads Project, the bank will provide the Centre with a sovereign project finance facility to help the state build all-weather roads and improve their maintenance and management. The board also cleared a 2-billion renminbi loan for an offshore wind power project in China. “The projects approved today, together with the first set of projects approved earlier this year, are aimed at meeting infrastructure needs of our members,” said Mr K.V. Kamath, the bank’s president.