The Asian Development Bank (ADB) announced on 2 October 2024 that it has sanctioned a USD 162 million loan to Himachal Pradesh to support tourism development in the state.

The loan has been provided to finance the state government's Sustainable and Inclusive Tourism Development Project.

Sustainable and Inclusive Tourism Development Project of HP Government

The state government's Sustainable and Inclusive Tourism Development Project aims to revive the tourism economy in the five districts—Hamirpur, Kangra, Kullu, Mandi, and Shimla which were badly affected during the pandemic.

The loan will finance the promotion of heritage and cultural sites in the Mandi and Hamirpur districts and the restoration of the historic Naggar Castle in Kullu. Upgrades to facilities along key travel routes in Kullu, Hamirpur, and Kangra are also part of the plan, focusing on incorporating environmentally friendly technologies such as solar-powered lighting and electric vehicles. These initiatives also aim to improve accessibility for the elderly, women, children, and people with disabilities.

Other Loans sanctioned by ADB to India.

In May 2024, the ADB approved a USD 2.6 billion loan to the government of India for the calendar year 2023. The loan will finance urban development projects, promote the power sector, support industrial corridor development, develop the horticulture sector, enhance connectivity, and build India’s climate resilience.
In July 2024, the ADB sanctioned a $240.5 million loan to India to finance the expansion of the solar rooftop system. The ADB loan will be channelled through the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD). SBI and NABARD will use the ADB loan amount to provide loans to the developer of the rooftop solar system and to people who want to install solar rooftop systems.

About the Asian Development Bank

The Asian Development Bank is a regional multilateral institution focusing on the Asia-Pacific region.

The Bank was founded on December 19 1966, with 31 countries, including India, as its founding members.

Currently, it has 68 members, 49 of whom are from the Asia Pacific region and 19 from outside the region.

Headquarters: Mandaluyong City, Philippines.

President : Masatsugu Asakawa