The Board approved a loan of up to $500 million to the Republic of India for the Gujarat Rural Roads Development Programme.

This programme aims to improve access to markets, health and education centres in Gujarat, contributing to its economic growth. More than 12 million people of Gujarat are expected to directly benefit from this programme. This is reported by
the official website of New Development Bank.

It also approved a rural road construction project in Bihar, the second phase of which will be financed by a loan of up to $638.12 million. This project also aims to improve transport connectivity in rural areas and improve the living standards of the people.

In addition, the Board approved a $50 million loan for a sustainable infrastructure project in Zhejiang Province, China. This is the first non-sovereign NDB loan in China and will be used to finance projects in clean energy and energy efficiency, transport, water supply, and sanitation.

During the meeting, the Board received information on the implementation of ongoing projects and an independent evaluation of four NDB-financed projects. Recommendations for project appraisal for the coming year were also presented.

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