The Asian Development Bank, a multilateral development financial institution, has pledged a grant of roughly $800m to carry out “reconstruction projects” in Jammu and Kashmir. The three-phased project, slated to start April 1, aims at improving connectivity and ensuring clean water in the state by upgrading roads, bridges and water distribution schemes in Jammu and Srinagar. The Jammu and Kashmir government has set up a special authority for the implementation of the project called “Economic Reconstruction Authority” chaired by Finance Minister Muzzaffar Hussein Beig.
The project has been given a three-year deadline, and a first instalment of $250m has already been handed over by ADB.
Published under Cement News