Rapid Fire
India, Asian Development Bank Ink Deal for Uttarakhand Power Project
- 15 Dec 2023
- 1 min read
The signing of the USD 200 million loan agreement between the Government of India and the Asian Development Bank(ADB) marks a significant step towards fortifying Uttarakhand's power infrastructure.
- Aimed at enhancing quality, efficiency, and reliability, the project will introduce a modernized underground cable system spanning 537 km, along with substations and power lines to meet escalating electricity demands and ensure smoother integration of renewable energy.
- ADB is a regional development bank established in 1966 with the objective of promoting social and economic development in Asia and the Pacific.
- It has 68 members; 49 are from within Asia and the Pacific and 19 outside. India is a founding member. ADB is headquartered in Manila, Philippines.
Read more: Asian Development Bank
