India signs $350 million loan agreement with New Development Bank.
India signed the first loan agreement with the New Development Bank for USD 350 million for development and upgradation of road project in Madhya Pradesh. The project, which is to be implemented over 5 years, is expected to improve transport connectivity to the interior regions and resultant boost to economic activity in the rural hinterland. The agreement was signed between Government of India and the New Development Bank (NDB) and this is the first loan agreement for NDB assisted project in India. The project would include upgradation, rehabilitation or reconstruction of 1,500 km of district roads to intermediate lane, all-weather standards, with road safety features and improved road asset maintenance and management.
The New development bank was formerly known as the BRICS development bank.
It’s a multilateral development bank established by BRICS nations (Brazil, India, China, Russia & South-Africa).
The bank is headquartered in Shanghai, China. The first regional office of the NDB will be opened in Johannesburg, South Africa.