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India, ADB sign a $60 Million Loan Agreement to reduce floods in Assam

India, ADB sign a $60 Million Loan Agreement to reduce floods in Assam

Assam faces the wrath of mighty Brahmaputra every monsoon due to incessant rain increasing the volume and flow of river leading to flood in Assam. To reduce floods and the riverbank erosion in Assam, India and Asian Development Bank (ADB) on December 13, 2018 signed a $60 million loan agreement.

Assam Integrated Flood and Riverbank Erosion Risk Management Investment Program

The Tranche 2 loan is part of the $120 million multi-tranche financing facility for the Assam Integrated Flood and Riverbank Erosion Risk Management Investment Program approved by the ADB Board in October 2010.

Three sub-project Areas

The Project 2 under the programme will fund a combination of structural and non-structural measures in the three subproject areas of Palasbari-Gumi, Kaziranga and Dibrugarh along the Brahmaputra river which include 20 km of riverbank protection works and upgrading of 13 km of flood embankments.

Term of Loan

The loan will have a 20-year term, including a grace period of five years, an annual interest rate determined in accordance with ADB's lending facility based on the London Interbank Offered Rate, and a commitment charge of 0.15 per cent per year.

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