ADB signs $31 million loan agreement with government to develop tourism, boost jobs in Tamil Nadu

New Delhi: Indian government and the Asian Development Bank (ADB) have signed a loan agreement for USD 31 million to develop tourism and boost jobs in Tamil Nadu.

The signatories to the tranche 4 loan for Infrastructure Development Investment Program for Tourism (IDIPT) were Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, Ministry of Finance and Kenichi Yokoyama, Country Director for ADB in India.

Approved in September 2010, the USD 250 million IDIPT aims to build opportunities for local communities and boost local economy by enhancing tourism in three other states – Punjab, Himachal Pradesh and Uttarakhand- besides Tamil Nadu. This will be achieved through developing and preserving sites of natural and cultural heritage, and building connectivity, capacity, and infrastructure around State tourist sites.

The Project will support the conservation and restoration of eight heritage monuments, one museum, three temples, and a pond, an official release said.

It will build various facilities at the sites, including information centers, rest centers, and toilet blocks, with facilities served by solar-powered lighting and energy efficient lighting. The total cost of the Project is USD 44.04 million, of which the Government will provide USD 13.04 million. The estimated completion date is June 2020.