Approximately 1.5 million rural residents in Madhya Pradesh are going to directly benefit from improved livelihoods, education and mobility with the US$ 140 million loan approved by the Board of Directors of the Asian Infrastructure Investment Bank (AIIB) in a meeting held recently in Beijing. The Project, co-financed with the World Bank, aims to improve the rural road connectivity and management for residents of about 5,640 villages who use the rural roads for daily activities.
“Promoting sustainable growth in India through investment in rural infrastructure will require substantial financing,” said AIIB Vice President and Chief Investment Officer DJ Pandian. “I am glad that AIIB’s participation in this project will contribute to reducing this financing gap and enhance overall development in the region,” Pandian said.
The Project also aims to improve durability and accessibility, and enhance resilience to climate change of the gravel surfaced rural road in Madhya Pradesh while building the capacity of the State to manage its rural road network and road safety.
AIIB Director General of Investment Operations, Supee Teravaninthorn said, the project will provide sustainable and safe last-mile connectivity to small villages and improve mobility of the rural population of Madhya Pradesh. He said that the Project will stimulate economic development in the entire State of Madhya Pradesh and improve the livelihoods of the rural population, especially rural women and girls. It is a typical reflection of our priorities of enhancing economic growth and sustainability through infrastructure investment.