Skip to content 
Search

Latest Stories

ADB, India Sign £1.57 Million Loan to Improve  International Trade Corridor in North-East

The Asian Development Bank (ADB) and the Indian government signed a £1.57 million loan on Monday (1) to finance continued improvements to road connectivity and efficiency of the International Trade Corridor in West Bengal and north-eastern region of India.

The signatories to the Tranche 2 Loan Agreement for the £5.25m South Asia Sub-regional Economic Cooperation Road Connectivity lnvestment Program were additional secretary Sameer Kumar Khare, the ministry of finance and Kenichi Yokoyama, country director of ADB's India Resident Mission, said India’s ministry of finance in a statement.


Approved in 2014, the program aims to expand about 500 kilometers of roads in India's north Bengal and north-eastern region that will enable efficient and safe transport within India and regionally with other SASEC member countries.

After signing the loan agreement, Khare said that the program is an important initiative in regional connectivity aimed at increasing domestic and regional trade through North Bengal-north east Region International Trade corridor by upgrading key roads. He said that it will give a boost to India's efforts to promote regional connectivity in South Asia.

Speaking on the occasion, Yokoyama noted that the new loan will help up-gradation of key national and state highways in Manipur and construct an important international bridge for crucial last-mile connectivity between in-country trunk road network and neighbouring countries.

The Tranche 2 Project will upgrade about 65 kilometers of lmphal-Moreh section of national highway in Manipur, construction of about 1.5 km of an international bridge between India and Nepal, and completion of about 103 km of a state highway in Manipur between Imphal and Tamenglong under Project-I. The project will reduce transaction costs along the targeted cross-border corridors substantially, creating economies of scale and commercial prosperity.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less