Mumbai: The Maharashtra cabinet on Tuesday approved a proposal to avail a USD 50 crore loan from the Asian Infrastructure Investment Bank (AIIB) for works under the phase III of the Chief Minister's Gram Sadak Yojana.At a meeting held here, the cabinet also cleared proposals for major road improvement projects and expansion of a Mumbai-based cluster university.A proposal to avail financial assistance from the AIIB and the New Development Bank (NDB) for the Maharashtra State Road Improvement Project received a nod, an official statement said.Also Read: Opposition leaders demand Rs 3,000/quintal price for onions, demonstrate on highway in MaharashtraThe two lending institutions will provide a financial assistance of Rs 8,700 crore each for road improvement and development works in the state, the statement said.The funding would help accelerate road upgradation and infrastructure development across Maharashtra, it added.In another decision, the cabinet approved the inclusion of six colleges as constituent institutions of Hyderabad (Sind) National Collegiate University, Mumbai, a cluster university.Also Read: Congress government ensuring social justice, equal opportunity in Telangana: LoP Rahul Gandhi on statehood dayThese institutions are Principal K M Kundnani College of Pharmacy, Kishinchand Chellaram Law College, Smt Mithibai Motiram Kundnani College of Commerce and Economics, Rishi Dayaram and Seth Hassaram National College and Seth Wassiamull Assomull Science College, and Thadomal Shahani Engineering College, all located in Mumbai.The decision is aimed at strengthening the academic framework of the cluster university and expanding higher education opportunities, the statement added.