The tripartite loan signing was done by V.C Pharka, state tourism secretary, M Teresa Kho country director ADB and Raj Kumar joint secretary union ministry of finance.
A state tourism department official said it has completed all pre loan signing formalities like awarding 30 per cent total cost of projects in advance.
Also placement of ADB consultants are in place to execute the projects.
Tranche III will be completed by 2020. 15 subprojects have been proposed under this trenche.
Around 1.63 crores tourists visit the hill state every year.
The main projects prepared under this tranche are rehabilitation and beautification of about 10.5 kms portion of Shimla’s Mall Road, the cultural centre in Manali. Rehabilitation of parks in Mandi Jwalaji, Dharamsala and Chamba towns.