New Delhi, Dec 20 || The Indian government and the Asian Development Bank (ADB) on Friday signed an agreement for a $350 million policy-based loan under the second subprogramme of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) programme, to strengthen the domestic manufacturing sector and improve the resilience of supply chains.
According to the Ministry of Commerce and Industry, the SMILE programme is a programmatic policy-based loan (PBL) to support the government in undertaking wide-ranging reforms in the logistics sector in India.
The approach comprises two subprograms, which aim to expand India’s manufacturing sector and improve the resilience of its supply chains.
"The collaboration between the government of India and ADB reflects a shared commitment to fostering growth and innovation in the logistics sector, supporting India’s broader economic development goals," said the ministry in a statement.
The signatories to the loan agreement were the Department of Economic Affairs (DEA) of the Ministry of Finance, the Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce and Industry, and the ADB.