ADB, India sign $60m loan to cut floods and riverbank erosion in Assam
The Asian Development Bank (ADB) has signed a $60 million loan with India to continue financing riverbank protection works, renovation of flood embankments, and community-based flood risk management activities in critically flood-prone areas along the Brahmaputra River in Assam.
The tranche 2 loan is part of the $120 million multitranche financing facility for the Assam Integrated Flood and Riverbank Erosion Risk Management Investment Program approved by ADB in October 2010.
The loan will have a 20-year term, including a grace period of five years, an annual interest rate determined in accordance with ADB's lending facility based on the London interbank offered rate, and a commitment charge of 0.15% per year.