The Asian Infrastructure Investment Bank (AIIB) will extend a USD 140-million loan to improve rural connectivity in Madhya Pradesh.
"Approximately 1.5 million rural residents in Madhya Pradesh stand to directly benefit from improved livelihoods, education and mobility with the USD 140-million loan approved by the Board of Directors of the Asian Infrastructure Investment Bank," said a statement issued by the AIIB.
The project, co-financed with the World Bank, aims to improve rural road connectivity and management for residents of 5,640 villages who use the rural roads for daily activities, it added.
"Promoting sustainable growth in India through investment in rural infrastructure will require substantial financing," AIIB VP and Chief Investment Officer D J Pandian said.
Funding to this project will contribute to reducing this financing gap and enhance overall development in the region, he added.
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