Indian govt, ADB ink $350 million loan pact for a logistics programme

The Government of India and the Asian Development Bank (ADB) on Friday signed a $350 million policy-based loan pact under a programme of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE), an official statement said.

The signatories to the loan agreement were Department of Economic Affairs (DEA), Ministry of Finance; Department for Promotion of Industry and Internal Trade (DPIIT), and the ADB.

SMILE is a programmatic policy-based loan (PBL) programme to support the government in undertaking wide-ranging reforms in the logistics sector in India, the statement said.

The programme establishes and operationalises a comprehensive policy framework to enhance logistics efficiency through strengthening the institutional bases for multimodal logistics infrastructure development at the national, state, and city levels; and standardising warehousing and other logistics assets to strengthen supply chains and incentivize greater private sector investment, it added.