Shimla: The Himachal government on Wednesday signed a $ 95.16 million loan agreement with Asian Development Bank (ADB) improving tourism infrastructure in the state.
Principal secretary tourism, Manisha Nanda for Himachal government and Prodyut Dutt, officer incharge of India Resident Mission ADB, signed the agreement at Delhi in presence of senior officers of the finance ministry and state government officials.
Giving details about the agreement Manisha Nanda said that under the agreement ADB would provide $ 95.16 million to the state for developing tourism infrastructure and the project will be executed on 90:10 ratio of grant and loan component borne by the central and state government.
As per the policy the state will only bear 10 percent of the loan liability, she said.
Mission director of the project Arun Sharma, who was present on the occasion said that the investment program of the prestigious project ends on 30th June 2020.
He said that the state government had already allocated Rs 10 Crore for the project during in the current financial year.
The projects investment program targets giving impetus to economic growth by enhancing livelihood opportunities for local communities through tourism, preservation and development natural and cultural heritage sites.
The project involves 5 components; improving urban infrastructure and services; connectivity; quality enhancement of natural and cultural attractions; community-based activities; and capacity development, community participation and project management, said Sharma.