ADB, India Ink $60M Loan Agreement
- Business & Finance
The Asian Development Bank (ADB) and the Government of India signed a $60 Million Loan Agreement today in New Delhi to continue financing riverbank protection works, renovation of flood embankments, and community-based flood risk management activities in critically flood-prone areas along the Brahmaputra River in Assam.
The Tranche 2 loan is part of the $120 million multi-tranche financing facility (MFF) for the Assam Integrated Flood and Riverbank Erosion Risk Management Investment Program approved by the ADB Board in October 2010.
After signing the loan agreement, Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), said that the Program is aimed at increasing the reliability and effectiveness of flood and riverbank erosion risk management systems in flood-prone areas of Assam, strengthening the disaster preparedness of the communities, and developing institutional capacity and knowledge base for flood forecasting.
Speaking on the occasion, Mr. Kenichi Yokoyama, Country Director of ADB’s India Resident Mission, said that the Project 2 under the Program will fund a combination of structural and nonstructural measures in the three subproject areas of Palasbari-Gumi, Kaziranga, and Dibrugarh along the Brahmaputra River which include 20km of riverbank protection works and upgrading of 13km of flood embankments.