ADB to Loan Government of India $3M for Project Financing
The Asian Development Bank(ADB) and the Government of India signed a $3 million project readiness financing (PRF) facility to support preparatory activities for designing a project to improve municipal infrastructure in priority areas of Agartala city.
The signatories to the PRF for the proposed Agartala Municipal Infrastructure Development Project were Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance who signed for the Government of India, and Takeo Konishi, Country Director of ADB’s India Resident Mission who signed for ADB.
Mishra stated that the ADB financing will support the Tripura government in holistic planning and development of priority municipal infrastructure and help in preparation of future investment-ready projects.
“The PRF will help design climate-resilient urban infrastructure to acceptable standards and coverage, including access for the poor and vulnerable, strengthening institutional capacity and improving resource mobilization of the Agartala Municipal Corporation,” said Konishi. “Climate change mitigation and adaptation components will be incorporated into the project design during PRF implementation to ensure alignment with India’s climate commitments.”
The proposed project aligns with the findings of the ADB’s North East Economic Corridor (NEEC) study that recognizes Agartala’s vital role as a key growth and border center in generating prosperity and economic growth in the northeastern region. ADB’s recent engagement with the state to develop urban infrastructure identifies key infrastructure deficits in Agartala city.
The PRF will support among others preparation of feasibility studies, detailed project reports for identified subprojects, strengthening corporation’s governance systems, and preparing a geographic information system-based municipal resource mobilization road map and a digital strategy/ e-governance solutions for municipal services in line with the National Urban Digital Mission to be implemented during the ensuing project.