New Delhi: India and the Asian Development Bank (ADB) on Monday signed five loan agreements amounting to over $2.2 billion to support a range of development projects spanning skill development, rooftop solar energy, healthcare, urban transport and sustainable livelihoods.
The financing is aligned with the government’s national flagship programmes and will back initiatives under the Pradhan Mantri Skilling and Employability Transformation programme and the Pradhan Mantri Surya Ghar: Muft Bijli Yojana, besides supporting projects in Assam, Tamil Nadu and Meghalaya.
The loan agreements were finalised under the guidance of Baldeo Purushartha, Joint Secretary (ADB & Japan), Department of Economic Affairs. They were signed by Saurabh Singh, Deputy Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and by Aarti Mehra, Officer-in-Charge and Deputy Country Director of the ADB India Resident Mission, on behalf of the multilateral lender.
The largest component of the financing, worth $846 million, is for supporting the Pradhan Mantri Skilling and Employability Transformation through the Upgraded Industrial Training Institutes (ITIs) programme. The initiative aims to modernise 650 ITIs across 12 states and upgrade five National Skill Training Institutes into centres of excellence, benefiting at least 1.3 million youth by offering demand-driven courses in sectors such as renewable energy, electric mobility and advanced manufacturing.
ADB has also committed $650 million for Subprogramme 1 of the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Programme to support the Pradhan Mantri Surya Ghar: Muft Bijli Yojana. The programme targets rooftop solar adoption for 10 million households by 2027 through policy reforms and easier access to affordable, collateral-free loans.
In the healthcare sector, $398.8 million has been allocated for the Assam State Tertiary Health Care Augmentation Project, which will modernise medical colleges in Guwahati, Dibrugarh and Silchar.
The Chennai Metro Rail Investment Project will receive $240 million under its second tranche to expand metro corridors and add 18 new stations with climate-resilient and universal access features.
Additionally, $77 million will fund the Integrated Ecotourism and Sustainable Agri-based Livelihood Development Project in Meghalaya, aimed at promoting ecotourism and improving incomes for over 8,000 local beneficiaries, including women and indigenous communities.
Comments are closed.