Agartala: The government of India and the Asian Development Bank (ADB) signed a $4.21 million project readiness finance (PRF) for the development of urban amenities and tourism sector in Tripura.
This is ADB’s first PRF facility for Tripura.
The resident commissioner of Tripura, Chaitanya Murti (IFoS), signed the loan negotiation documents of Project Readiness Finance (PRF) with Takeo Kanishi, country director, ADB in the presence of Dr C S Mohapatra, additional secretary department of economic affairs, ministry of finance.
Dr Mohapatra said that the facility will support the Government of Tripura’s priorities of improving urban services and tourism infrastructure through holistic planning by developing key infrastructure investment projects and related reforms in these sectors that will help boost economic development.
Konishi said that the facility aims to ensure high readiness of ensuing infrastructure projects through feasibility studies, preparing detailed engineering designs, and capacity building of state-level agencies while ensuring climate and disaster resilience, inclusiveness and sustainability of subprojects.
Under the loan arrangement, initially, ADB would provide Rs 40 Crore for engagement of project design and management consultants for urban and tourism sectors, reads the press statement issued by the chief minister’s office.
In the urban sector, 13 urban local bodies (ULBs) in Tripura will be covered. In the tourism sector, all tourism destinations, roads leading to them and tourist facilities will be covered.
Once the projects are prepared, ADB will provide Rs 1600 Crore for development works in urban areas and Rs 500 crore in the tourism sector over the next 3 years.