India is set to receive more than $700 million worth of financial assistance from the Asian Development Bank and European Union as support for its efforts to improve national transportation services and to promote renewable energy use.
ADB is providing $500 million in loans to help the Asian country improve rail services serving key transportation routes across the country. The loans will finance the construction of new railway lines and improvements of hundreds of kilometers of existing railways in the states of Andrah Pradesh, Chhattisgarh, Orissa, Karnataka and Maharashtra.
A portion of the funds will be used to implement reforms that aim to improve the efficiency of Indian Railways, which owns and operates the majority of India’s rail services.
Meanwhile, the European Union has approved €200 million ($285.42 million) for private sector initiatives that aim to develop and promote the use of renewable energy sources in the country. The funds will be transferred from the European Investment Bank to ICICI bank, one of the largest private banks in India, the Economic Times says.
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