Delhi, December 16: The Government of India and the Asian Development Bank on Monday signed agreements for five loans totaling over $2.2 billion with to support various development projects. The financing will advance initiatives under India’s national flagship programmes in skilling and rooftop solar deployment along with projects supporting healthcare, metro development and ecotourism promotion across three states.
The Government of India’s engagement with ADB for the finalisation of the loans was done under the guidance of Shri Baldeo Purushartha, Joint Secretary (ADB & Japan), Department of Economic Affairs. Accordingly, the loan agreements were signed by Shri Saurabh Singh, Deputy Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Officer-in-Charge and Deputy Country Director, India Resident Mission, Ms. Aarti Mehra, on behalf of ADB.
The signed projects comprise of supporting Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes Programme ($846 million); Accelerating Affordable and Inclusive Rooftop Solar Systems Development Programme (Subprogramme 1 – $650 million); Assam State Tertiary Health Care Augmentation Project (ASTHA- $398.8 million); Chennai Metro Rail Investment Project (Tranche 2- $240 million); and Integrated Ecotourism and Sustainable Agri-based Livelihood Development in Meghalaya Project ($77 million).
ADB financing for Supporting Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes Programme aims to create a future-ready workforce for India’s manufacturing and emerging technology sectors. This will be achieved through modernising 650 ITIs across 12 states and upgrading five National Skill Training Institutes into centres of excellence for advanced trainer development. This will help deliver demand-driven courses in high-growth sectors such as renewable energy, electric mobility and advanced manufacturing, improving employability for at least 1.3 million youth.
The financing for the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Programme (Subprogramme 1) will support Pradhan Mantri Surya Ghar: Muft Bijli Yojana (PMSGMBY), aiming to accelerate rooftop solar adoption across the country and expanding access to clean, affordable energy for 10 million households by 2027. The programme will speed up rooftop solar adoption by promoting reforms to develop uniform guidelines and standards for residential rooftop solar systems and facilitating mass-adoption among low-and middle-income households through collateral-free lower interest loans.
The Assam State Tertiary Health Care Augmentation Project aims to address critical gaps in the state’s health system and shortages in tertiary care by modernizing healthcare and medical education systems. This includes modernising medical colleges in Guwahati, Dibrugarh and Silchar to serve as centers of excellence under Srimanta Sankaradeva University of Health Sciences.
The second tranche loan for Chennai Metro Rail Investment Project will support the expansion of metro network along key sections of three metro lines including 20 km elevated and underground corridors and 18 new stations. The new stations will be equipped with universal access features and climate-resilient infrastructure to keep passengers and services safe during extreme weather events.
Lastly, the financing for the Integrated Ecotourism and Sustainable Agri-based Livelihood Development in Meghalaya Project will support the state’s vision to become a top ecotourism destination while improving farmers’ incomes. By integrating nature-based tourism with climate-smart farming and forest conversation, the project will help create economic opportunities for over 8,000 local beneficiaries, including women and indigenous communities.
