Asian Development Bank to provide loans to India
Asian Development Bank has struck a large loan deal with India
NEW DELHI (Reuters) – India 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.
(Reporting by Rajesh Kumar Singh; Editing by Malini Menon)