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India, ADB Sign US$300 Million Loan To Improve Roads
The Project has been approved with an objective to improve more than 900 kilometers of state roads, in line with the Chhattisgarh Road Master Plan, involving up gradation of roads sections and strengthening culverts and bridges.
The project targets key corridors in Chhattisgarh and will significantly contribute to improving road connectivity in the state, Ministry of Finance's Department of Economic Affairs,Joint Secretary (Multilateral Institutions), Nilaya Mitash said.
He said that technical assistance grants of US$1 million from ADB and UK's Department for International Development (DFID) will help improve Chhattisgarh's road maintenance management capabilities.
He further said that the project also has components to build the capacity of the road agency in contract and project management, as well as to introduce a road asset management system in the State, which will help in planning for better road maintenance.
ADB India Resident Mission's Country Director, Teresa Kho said that low quality roads undermine the benefits of the state's rich mineral and coal deposits, holding back new economic opportunities and access to social amenities, especially for minority groups.
She said that state highways form part of the important core road network in the state, and improvements in road connectivity will result in direct and indirect economic opportunities for people in project areas, who will benefit from faster travel times, lower costs, improved safety, and improved links to markets and basic services.
The loan will be funded from ADB's ordinary capital resources.
It has a principal repayment period of 20 years, and annual interest set in accordance with ADB's LIBOR-based lending facility. Chhattisgarh will provide counterpart finance of about US$128 million to cover the estimated total project cost of US$428 million.
news coverage in our Newswire service.
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