The Asian Development Bank (ADB) today approved $57.5 million (around Rs 265.6 crore) in grants and loans to India, Nepal and Bangladesh to develop major tourism sites, including Buddhist sites.
The South Asia Tourism Infrastructure Development Project would improve the existing infrastructure and services and develop new ones in key tourism sites in the three countries. The project is expected to be complete by September 2014, the bank said in a statement.
Beside the ADB support, governments of these countries, and the OPEC (Organization of Petroleum Exporting Countries) Fund for International Development, would provide the remaining project cost of $89.5 million (around RS 413.5 crore).
"Tourism plays an important role in the regional economy and this project will benefit around 2.4 million people," said Gulfer Cezayirli, Principal Urban Development Specialist at ADB's South Asia Department.
The benefit to people would come about through increased income and employment, health and environmental improvements, and reduced travel time, the bank said.
While India would get a loan of $20 million equivalent from ADB’s ordinary capital resources, Bangladesh would get a $12 million on ADF (Asian Development Fund )loan, and Nepal would get $12.75 million in grants and $12.75 million as loan equivalent, both from ADB’s concessional ADF, the bank said.
