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Boost For Infrastructure In TN As ADB To Provide $500 Million For Civic Projects
The ADB headquarters in Manila
Asian Development Bank, an international development finance institution dedicated to reducing poverty in Asia and the Pacific, is likely to provide $500 million for climate resilient infrastructure development in Tamil Nadu, reports Times of India.
Reports suggest that a sum of $500 million has been approved for a multi-tranche financing facility that will develop sewage, water supply and drainage across 10 cities of Tamil Nadu.
Tamil Nadu is among the most urbanised states as more than half of its population is found to be living in cities, TOI quoted ADB senior development specialist Ron Slangen as saying.
About four million people are reported to benefit from sewerage connections, clean drinking water supply and drainage. Urbanisation management is indispensable for sustainable economic growth and poverty alleviation. Climate change has brought about erratic monsoons and recurring drought.
ADB can be helpful in providing innovative and climate-resilient investment and institutional support, said Slangen. The funding is supposed to be done in three tranches between 2018 and 2020.
Chennai, Coimbatore, Rajapalayam, Tiruchirapalli, Tirunelveli and Vellore are to get $169 million in the first tranche. The Union Government, State Government, Chennai Metropolitan Water Supply and Sewerage, and urban local bodies will provide $766.4 million towards the total programme cost.
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