$190.6m loan signed for underground Indore Metro
The Indian Government and the Asian Development Bank (ADB) have signed agreements on 29 Nov for three loans with worth over US$800 million for projects in Maharashtra, Madhya Pradesh and Gujarat https://www.conexpoconagg.com/.
Accordingly, the loan agreements are for the Maharashtra Power Distribution Enhancement Programme for Agricultural Solarization (US$500 million); Indore Metro Rail Project (Yen27,147,200,000, equivalent to US$190.6 million), and Gujarat Skills Development Programme (US$109.97 million).
The loans were signed by Saurabh Singh, Deputy Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government, and Mio Oka, Country Director, India Resident Mission, on behalf of ADB.
In addition, a Technical Assistance (TA) grant of US$1 million was also signed to provide implementation support for the upcoming Sustainable Wetland and Integrated Fisheries Transformation (SWIFT) Project in Assam designed to enhance the state’s wetland ecosystems and fisheries https://www.bseindia.com/.
In Maharashtra, the US$500 million ADB-supported programme aims to modernise rural power infrastructure, promote distributed renewable energy generation, and improve agricultural productivity by providing farmers with reliable daytime solar electricity for irrigation. By 2028, the programme aims to provide daytime electricity to at least 900,000 agricultural consumers. Key components include modernising Maharashtra’s electricity distribution network for renewable integration entailing upgradation of substations, installing transformers, building high- and low-tension lines, and deploying 500 MWh of battery storage https://www.nseindia.com/.
The Japanese Yen denominated loan (Yen27,147,200,000, equivalent to US$190.6 million) for Indore Metro Project will finance construction of 8.62-km underground metro line with seven stations, connecting congested areas of Indore to the airport. The project includes multimodal integration with existing bus and feeder services, improving access to educational institutions and markets. The Madhya Pradesh Metro Rail Corporation Limited will implement the project, with operations expected to begin by January 2030.
In Gujarat, the US$109.97 million Skills Development Programme, aims to equip the state’s workforce with industry-aligned, advanced skills that boost job readiness in high-growth sectors. These sectors include logistics, automotive, manufacturing, information technology, renewable energy, healthcare and agri-tech. Led by the state’s Labour, Skill Development and Employment Department in collaboration with Kaushalya: The Skill University (KSU), the programme will help upgrade 11 mega ITIs, establishing centres of excellence and partnering with affiliated private training providers through a hub-and spoke model anchored by KSU. Courses will be designed in close collaboration with industry to ensure alignment with market demands and job trends. Fiinews.com
