India Signs Loan Agreement with Asian Development Bank

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The Government of India signed a loan with Asian Development Bank (ADB) for US $ 123.51 million for tranche 3 of the Infrastructure Development Investment Program for Tourism to continue upgrading tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh.

The loan will be used for development and conservation of places of tourist attractions. It will also be used to improve basic tourism facilities, and to build the capacity of sector agencies and local communities in the States of Himachal Pradesh, Uttarakhand and Punjab.

The third tranche loan is part of the $250 million multi-tranche financing facility that ADB approved in 2010.

The loan will support conservation of important heritage structures, including some century-old structures, new facilities including centers for arts and crafts in the three states. Eco-parks and eco-tourism will also be developed to help the states attract more tourists.

Upgraded tourism infrastructure like provisioning of drinking water, drainage, street lighting, solid waste management and improvements to approach roads at selected tourist destinations will enhance tourism environment in the States of Himachal Pradesh, Punjab and Uttarakhand.

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