Maharashtra Cabinet Approves Proposal for $50 Crore AIIB Loan to Finance Rural Roads Scheme
Maharashtra Cabinet Approves $50 Crore Loan from Asian Infrastructure Investment Bank for Gram Sadak Yojana
The Maharashtra cabinet has approved a proposal to avail a $50 crore loan from the Asian Infrastructure Investment Bank (AIIB) for works under the phase III of the Chief Minister's Gram Sadak Yojana. The decision was taken at a meeting of the cabinet held on Tuesday.
In addition to the loan from AIIB, the cabinet also cleared proposals for major road improvement projects and expansion of a Mumbai-based cluster university. A proposal to avail financial assistance from the AIIB and the New Development Bank (NDB) for the Maharashtra State Road Improvement Project received a nod. The two lending institutions will provide a financial assistance of Rs 8,700 crore each for road improvement and development works in the state.
The funding will help accelerate road upgradation and infrastructure development across Maharashtra. The cabinet also approved the inclusion of six colleges as constituent institutions of Hyderabad (Sind) National Collegiate University, Mumbai, a cluster university. These institutions are:
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| Institution Name |
|---|
| Principal K M Kundnani College of Pharmacy |
| Kishinchand Chellaram Law College |
| Smt Mithibai Motiram Kundnani College of Commerce and Economics |
| Rishi Dayaram and Seth Hassaram National College |
| Seth Wassiamull Assomull Science College |
| Thadomal Shahani Engineering College |
The decision is aimed at strengthening the academic framework of the cluster university and expanding higher education opportunities.
Investor Takeaway
The loan from AIIB and NDB will help accelerate road upgradation and infrastructure development across Maharashtra.
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