ADB to provide Rs 55.98 billion loan to Punjab for urban development projects

ADB has given in-principle approval for a Rs 55.98 billion loan at a nominal interest rate to Punjab for various urban development projects such as the revival of sewage treatment plants under the Smart Cities Mission and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT). The modalities of these projects will be decided upon an ADB mission’s visit in July 2018. Under the Rs 29.43 billion smart city project, ADB would contribute Rs 16.06 billion and the central and state governments would contribute Rs 13.37 billion. Under AMRUT, a project worth Rs 24.26 billion will be funded by ADB to the tune of Rs 13.87 billion and the central and state governments will contribute Rs 10.39 billion.