The government Tuesday signed an agreement with Asian Development Bank (ADB) for a $60 million loan to improve urban services, including water supply and urban transport infrastructure, in the two key cities of Jammu and Kashmir.
According to the finance ministry, the loan from the ADB's ordinary capital resources has a 25-year term including a grace period of five years.
This is the third tranche loan under the 'Jammu and Kashmir Urban Sector Development Investment Program' which is intended to supplement the urban infrastructure up-gradation program.
About half-a-million people in Srinagar and Jammu are expected to benefit from improved access to water supply, functional drainage systems, and better transport infrastructure through the use of this loan in infrastructure improvement activities.