Tranche 3 lending for improving railway sector

*Kenichi Yokoyama (in tie) and Indian officials with signed loan documents.*

India and the Asian Development Bank (ADB) have signed a US$120 million loan agreement for double-tracking and electrification of railways tracks along high-density corridors.

The tranche 3 loan is part of the US$500 million multi-tranche financing facility for Railway Sector Investment Program approved by the ADB Board in 2011.

The loan amount will be used to complete the ongoing works commenced under earlier tranches.

Mr. Sameer Kumar Khare, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, signed the loan for the India Government and Kenichi Yokoyama, Country Director of ADB’s India Resident Mission, signed on behalf of ADB. fii-news.com

Tags: The Asian Development Bank