The funding will support the State’s objectives of improving the contribution of tourism to the local economy and support the development of integrated tourism infrastructure plans.
It is expected that after 2030, the revenue surplus generated would be adequate to finance future capital investment and also take the burden of debt service ratio of the capital already invested.
The Asian Development Bank (ADB) and the Government of India have signed a $4.21 million project readiness financing (PRF) facility for the preparation of infrastructure development projects to improve urban amenities and develop tourism infrastructure in the northeastern state of Tripura.
This is ADB’s first PRF facility for a state in the northeastern region of India, The signatories to the PRF for Tripura Urban and Tourism Development Project were Dr. C S Mohapatra. Additional Secretary. Department of Economic Affairs in the Ministry of Finance who signed for the Government of India and Takeo Konishi, Country Director of ADB’s India Resident Mission who signed for ADB. The facility will support Tripura’s priorities of improving urban services and tourism infrastructure through holistic planning by developing key infrastructure investment projects and related reforms in these sectors to boost economic growth. It aims to ensure high readiness of ensuring infrastructure projects through feasibility studies. preparing detailed engineering designs, and capacity building of state-level agencies while ensuring climate and disaster resilience, inclusiveness and sustainability of subprojects. Inadequate urban infrastructure and low institutional capacity of urban local bodies (ULBs) have impeded urbanization led growth in Tripura.
The PRF will help finance the preparation of integrated infrastructure development plans for seven districts headquarter towns (DHT) and 13 ULBs focused on water supply, sanitation, stormwater drainage, urban roads, and urban amenities. The State’s tourism growth is also hindered by inadequate infrastructure and lack of planned activities. The PRF will support the state’s objectives of improving the contribution of tourism to the local economy and support the development of integrated tourism infrastructure plans.