ADB Funds Indian State's Tourism, Energy Projects

The Asian Development Bank has approved a pair of loans for India’s Himachal Pradesh state. 

The regional lender will provide USD95 million for the development of tourism-related infrastructure in the state, which is increasingly becoming known as a key tourist destination in India, according to Orissa Diary.

ADB has also approved a USD208 million loan to support two hydropower projects in the state. The loan is part of the USD800 million financing facility that the bank has set up to cover the costs of four hydropower projects, the Economic Times reports.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.