GoI, ADB sign $60 million loan agreement for improving urban services in J&K

GoI, ADB sign $60 million loan agreement for improving urban services in J&K

Srinagar: The Government of India signed an agreement with Asian Development Bank (ADB) on Tuesday for a USD 60 million loan that will help improve urban services, including water supply and urban transport infrastructure, in two key cities of Jammu and Kashmir.
This loan from the ADB’s Ordinary Capital Resources has a 25-year term including a grace period of five years. The third tranche loan under the Jammu and Kashmir Urban Sector Development Investment Program (JKUSDIP) will supplement the urban infrastructure up-gradation program initiated under Project 1 and Project 2.
About half-a-million people in Srinagar and Jammu will benefit from improved access to water supply, functional drainage systems, and better transport infrastructure Tarun Bajaj, Joint Secretary, Department of Economic Affairs at the Ministry of Finance, signed the agreement on behalf of Government of India, and Rajeev Singh, Officer-in-Charge of ADB’s India Resident Mission, signed the agreement on behalf of ADB.
The project agreement was signed by Tahseen Mustafa, Chief Executive Officer, J&K Economic Reconstruction Agency (JK ERA) on behalf of Government of Jammu and Kashmir and Shagufta Qazi, Director Finance JKERA
Speaking on the occasion, Bajaj said that the project will support the state in ensuing increase average water supply, from 90 liter/day/capita to 135 liter/day/capita through rehabilitation and improvement of infrastructure. This would also help in substantial reduction of water logging in project areas.
Rajeev Singh, Officer-in-Charge of ADB’s India Resident Mission said that the capacity development programs will be run for the concerned state government departments and representatives of urban local bodies to enable them to provide better services and bring efficiency and accountability in functioning.