India, ADB sign $800 million loan for projects, grant of $1 million; in 4 states

MUMBAI: The Government of India and the Asian Development Bank (ADB) have signed agreements for three loans worth over USD 800 million for projects in Maharashtra, Madhya Pradesh and Gujarat.

The loan agreements signed were for:

• Maharashtra Power Distribution Enhancement Programme for Agricultural Solarization (USD 500 million).
• Indore Metro Rail Project (USD 190.6 million, which is JPY 27,147,200,000).
• Gujarat Skills Development Programme (USD 109.97 million).
  
  

In addition, a Technical Assistance (TA) grant of USD 1 million was also signed to provide implementation support for the upcoming Sustainable Wetland and Integrated Fisheries Transformation (SWIFT) Project in Assam. The SWIFT project is designed to enhance Assam's wetland ecosystems and fisheries.

• Maharashtra Project Details: The USD 500 million program 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. 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. By 2028, the programme aims to provide daytime electricity to at least 900,000 agricultural consumers.
• Madhya Pradesh Project Details: The Japanese Yen denominated loan (equivalent to USD 190.6 million) for the Indore Metro Project will finance the construction of an 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 , with operations expected to begin by January 2030.