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Shanghai-headquartered New Development Bank (NDB) signed an agreement on Friday for providing a $500-million loan to Gujarat government.
As part of Vibrant Gujarat Summit, a project loan will be provided for the State’s Mukhayamantri Gram Sadak Yojana. An agreement in this regard was finalised between NDB and Gujarat government at the summit in Gandhinagar.
NDB will support the roads and buildings department of the State government for construction of an estimated 1,200 km of roads.
NDB will also provide knowledge support to strengthen the rural road network in the State by adopting new technology, safeguarding the environment and implementing safer road designs.
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