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Tuesday, December 22, 2009

ADB to provide two loans totalling $850 mln to India

India has signed two loan agreements totalling $850 million with the Asian Development Bank (ADB), the finance ministry said in a statement on Tuesday.

The ADB will provide a $700-million loan, in three tranches in as many years, to state-run India Infrastructure Finance Company Ltd. to fund the country's infrastructure programme.

The Manila-based bank will lend $150 million in four tranches over a period of three years, the statement added, for the restructuring and development of Khadi industry, which makes India's traditional handspun

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