The Asian Development Bank (ADB) is extending loans of up to $500 million to help India improve rail services along some of its busiest freight and passenger transport routes. The ADB Board of Directors has approved a multitranche financing facility for the Railway Sector Investment Program. It will finance additional lines and the electrification of hundreds of kilometers of existing track, along with installing new signaling. ADB will also support accounting reforms to improve operational efficiency at Indian Railways. “This program will help deliver more energy efficient, safe, reliable, and environmentally friendly rail services along key high density routes,” said Hiroaki Yamaguchi, ADB Principal Transport Specialist. “This in turn will result in direct and indirect economic opportunities for about 21 million people in program areas who will benefit from faster travel times, lower costs and improved links to markets, production centers and social service facilities.” Read More
