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NSFTL signed USD 131 million loans with ADB to upgrade the JLN port

Published on January 25, 2023
Current Context: The Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) recently signed a loan agreement worth 131 million dollars to improve the Jawaharlal Nehru (JLN) Port Container Terminal in Navi Mumbai, Maharashtra.
NSFTL signed USD 131 million loans with ADB to upgrade the JLN port
  • The upgrade will enhance India's international trade through efficient, state-of-the-art logistics infrastructure and transparent operations.
  • The loan comprises 61.4 million dollars from ADB's ordinary capital resources and 69.6 million dollars from Leading Asia’s Private Infrastructure Fund (LEAP) administered by ADB.
  • This project is a joint venture of J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals.
  • The loan will be used to modernize existing berths and yards and to install energy-efficient equipment such as electric quay cranes, increasing the terminal's container handling capacity and attracting vessels operating on important international shipping lanes.
  • This deal with ADB will increase India’s potential to become a USD 10 trillion economy by 2035.
  • Asian Development Bank (ADB):
    • President – Masatsugu Asakawa
    • Headquarters – Mandaluyong City, Metro Manila, Philippines
    • Members – 68 members

Question:

Q.1 What is the purpose of the loan agreement recently signed between the Asian Development Bank and Nhava Sheva Freeport Terminal Private Limited?
a. To improve infrastructure at the JLN Port Container Terminal in Navi Mumbai
b. To fund a new railway line in Maharashtra
c. To provide financial assistance to small businesses in area
d. To build a new airport in Navi Mumbai
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