Government signs $1 bn loan pact with NDB
ECONOMY & POLICY

Government signs $1 bn loan pact with NDB

The Indian government and the New Development Bank (NDB) recently inked a loan pact worth $1 billion in a bid to boost the country’s economic recovery post the onslaught of Covid-19 by aiding expenditure on rural infrastructure concerning Natural Resource Management (NRM) and the generation of rural employment under the ambit of MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme). The loan possesses a tenure of 30 years with the inclusion of a grace period of five years.

A Finance Ministry statement said that the programme suggests the generation of durable rural infrastructure assets concerning NRM and the creation of job opportunities for rural power, especially migrants who, courtesy of the ongoing Covid-19 pandemic, have lost their livelihoods post their return from urban areas.

Meanwhile, four projects worth over $800 million were approved by the World Bank Board of Executive Directors with the aim of strengthening the architecture of India’s social promotion, improving quality education in Nagaland, improving performance and safety of existing dams across the various states, and for promoting nutrition intensive agriculture across tribal households in Chhattisgarh. Country director of World Bank India, Junaid Ahmed, said that these four projects are expected to aid multiple families access improved income opportunities, water supply, education, and gain from the government’s expanded social protection policies and schemes.

Also read: NDB and Government sign Rs 370 bn loan pact

The Indian government and the New Development Bank (NDB) recently inked a loan pact worth $1 billion in a bid to boost the country’s economic recovery post the onslaught of Covid-19 by aiding expenditure on rural infrastructure concerning Natural Resource Management (NRM) and the generation of rural employment under the ambit of MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme). The loan possesses a tenure of 30 years with the inclusion of a grace period of five years.A Finance Ministry statement said that the programme suggests the generation of durable rural infrastructure assets concerning NRM and the creation of job opportunities for rural power, especially migrants who, courtesy of the ongoing Covid-19 pandemic, have lost their livelihoods post their return from urban areas. Meanwhile, four projects worth over $800 million were approved by the World Bank Board of Executive Directors with the aim of strengthening the architecture of India’s social promotion, improving quality education in Nagaland, improving performance and safety of existing dams across the various states, and for promoting nutrition intensive agriculture across tribal households in Chhattisgarh. Country director of World Bank India, Junaid Ahmed, said that these four projects are expected to aid multiple families access improved income opportunities, water supply, education, and gain from the government’s expanded social protection policies and schemes. Also read: NDB and Government sign Rs 370 bn loan pact

Next Story
Real Estate

Rethinking Slum Development

In July 2024, the Supreme Court directed the Bombay High Court to initiate suo motu proceedings to evaluate the implementation of the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act.During the ensuing proceedings, the Division Bench of Justices expressed concern about the plight of slum dwellers, saying, “Merely because you are a slum dweller doesn’t mean that you are left to the discretion of developers. They end up with a pittance.” The Bench also noted that the buildings allocated to slum dwellers were akin to “vertical slums”. “The buildings are congested. ..

Next Story
Real Estate

Ring in the New!

Lighting:OLED (organic light emitting diode) panels such as those by Philips are the latest option in soft lighting fixtures that can be embedded into walls, ceilings or furniture, says Nilesh Sawant, Principal Architect, Nilesh Sawant Architect. “Being thin and flexible, they lend themselves well to different applications while delivering the energy-efficiency associated with LED technology.”And Sapna Aggarwal, Founder, ANSA Architecture & Interiors, says “Embedded light-emitting diodes can create a dreamy illumination, while dimmable LEDs are useful for allowing..

Next Story
Infrastructure Urban

Jhansi Library

The Jhansi Library, commissioned by the Jhansi Development Authority (JDA) under the Jhansi Smart City initiative and built by Bootes Impex, a net-zero construction-tech company. It is the first library in Asia to achieve EDGE (Excellence in Design for Greater Efficiencies) certification from the International Finance Corporation (IFC), a member of the World Bank Group. This milestone marks the library as India’s first and only net-zero library, aligning  with India’s Net-Zero Vision 2070.Sustainable designDeepak Rai, Managing Director, Bootes Impex, explains, “The project's vision ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000