Updated By: LatestGKGS Desk
NBD approved $525 Million for Infra Projects in Madhya Pradesh
NBD approved $525 Million for Infra Projects in Madhya Pradesh: Details, Purpose, Highlights
The New Development Bank (NDB) of the BRICS announced a $525-million loan to Madhya Pradesh for infrastructure projects.
The breakup of the loan amount is as follows $350-million loan for the Major District Roads Project II of Madhya Pradesh and $175 million for building and upgrading 350 bridges.
Under the infrastructure projects, 2000 km roads of major districts would be rehabilitated through this loan amount and will help in better connectivity.
A non-sovereign loan of $300 million was approved by NDB to SIBUR Holding of Russia for environmentally-sustainable infrastructure development related to the Zap SibNefteKhim project.
New Development Bank (NDB)
Headquarters: Shanghai, China
Founded: 15th July 2014
President: K.V. Kamath
Members: Brazil, Russia, India, China, and South Africa.
