The New Development Bank (NDB) of the BRICS countries has approved a $525-million loan to Madhya Pradesh for infrastructure projects, it said on Thursday.
The Board of Directors of the NDB on Wednesday approved a $350-million loan for the Major District Roads Project II of Madhya Pradesh and $175 million for building and upgrading 350 bridges.
The loan will be used by the Indian Government for on-lending to the Madhya Pradesh government for rehabilitating major district roads with a total length of about 2,000 km to improve the connectivity of the rural interior with the national and state highway networks, a press release issued by the Shanghai-based bank said.
The project will improve the road conditions and enhance the transport capacity, which will lead to a less travel time, reduced vehicle-operating cost, reduced emissions and improved road safety, it added.
