Construction Industry News
The Tripura government has signed a Rs 22.75 billion agreement with the Asian Development Bank (ADB) to upgrade and improve the efficiency of power distribution in the northeastern state, according to Deputy Prime Minister Jishnu Dev Varma.
Dev Varma described the agreement as "historic" for the state and said it is the largest project in any plan through an externally backed initiative.
According to Dev Varma, the project agreement was signed remotely by Brijesh Pandey, Tripura's secretary of power, and Nilaya Mitesh, the officer in charge of ADB's India Resident Mission in New Delhi, after much deliberation and evolution. The ADB initiative, according to the deputy CM, will help the state government boost its electricity sector by replacing inefficient power plants and strengthening distribution infrastructure.
Of the Rs 22.75 billion fund, the Center will repay Rs 18.20 billion while the state should provide Rs 4.55 billion, he said, adding that the project will be implemented in the next three years.
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