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Asian Development Bank to provide loans worth $850 million to India
Category: Sports
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The government has signed two loan agreements totalling $850 million with the Asian Development Bank (ADB), the finance ministry said in a statement on Tuesday.
The ADB will provide a $700 million loan, in three tranches in as many years, to state-run India Infrastructure Finance Company Ltd. to fund the country's infrastructure programme.
The Manila-based bank will lend $150 million in four tranches over a period of three years, the statement added, for the restructuring and development of Khadi industry, which makes India's traditional handspun fabric.
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