ADB approves USD 57.5 million to India, Nepal, Bangladesh to develop major tourism sites

According to a PTI report, the Asian Development Bank (ADB) has approved USD 57.5 million (around Rs 265.6 crore) in grants and loans to India, Nepal and Bangladesh to develop major tourism sites, including Buddhist sites under the South Asia Tourism Infrastructure Development Project. The Project will improve the existing infrastructure and services and develop new ones in key tourism sites in the three countries. The project is expected to be completed by September 2014. Besides the ADB support, state governments of these countries and the OPEC (Organisation of Petroleum Exporting Countries) Fund for International Development, will provide the remaining project cost of USD 89.5 million (around Rs 413.5 crore). 

While India will receive a loan of USD 20 million equivalent from ADB’s capital resources, Bangladesh will get a USD 12 million on ADF (Asian Development Fund) loan, and Nepal will get USD 12.75 million in grants and USD 12.75 million as loan equivalent, both from ADB’s concessional ADF. Gulfer Cezayirli, Principal Urban Development Specialist, ADB's South Asia Department said, “Tourism plays an important role in the regional economy and this project will benefit around 2.4 million people.” The benefit to people will come about through increased income and employment, health and environmental improvements and reduced travel time. Source:travelbizmonitor.com/