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Home Banking & Finance

ADB lends for Tamil Nadu tourism project

Fiinews by Fiinews
December 11, 2018
in Banking & Finance, Economy, Investment, Projects, Tenders
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Conservation of monuments-museum-temples

 

The Asian Development Bank (ADB) is funding a project to improve the tourism infrastructure in Tamil Nadu which includes preserving the natural and cultural heritage.

ADB signed a US$31 million loan with the Indian Government on 11 Dec 2018 in Delhi for the tranche 4 loan for Infrastructure Development Investment Program for Tourism (IDIPT).

The loan signatories were Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs, and Kenichi Yokoyama, Country Director for ADB in India.

Speaking on the occasion, Yokoyama said that the increased tourism traffic generated by this Project will generate extra jobs in Tamil Nadu, especially through skills training and community-based activities targeting the poor and women.

Approved in September 2010, the US$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 Government recent Three-Year Action Agenda (2017–2018 to 2019–2020) envisages the hospitality, travel, and tourism sector as a major driver of growth and employment.

The Agenda recognizes India’s significant potential to increase: (a) the number of arrivals, (b) global presence by leveraging its cultural industries, and (c) capacity to create large-scale jobs among the poorest segments of the population.

It identifies key areas for action, including infrastructure, marketing, and skill development.

The Project will support the conservation and restoration of eight heritage monuments, one museum, three temples, and a pond in Tamil Nadu.

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 US$44.04 million, of which the Government will provide US$13.04 million.

The estimated project completion date is June 2020. fiinews.com

Tags: Asian Development Bank
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