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Home Banking & Finance

WB supports US$210M road upgrade

Fiinews by Fiinews
April 25, 2018
in Banking & Finance, Contract, Economy, Infrastructure, Investment, Projects, Roads, Tenders
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Upgrade for 10,000-km roads in MP

Air India Express Flyer SIN 4 Sectors (1)

The World Bank has signed a US$210 million loan agreement for the Madhya Pradesh Rural Connectivity Project, covering 10,510 km.

The loan was signed with the Indian and State governments in New Delhi on 24 April 2018.

It would help upgrade 10,000 km from existing gravel to bituminous surface roads, while 510 km of new roads will be built to the same bituminous surface standard.

“Government of India is making all efforts to ensure that communities in the most remote areas across the country are connected through a road network. All weather road connectivity is crucial for economic growth, especially in the rural areas,” said Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs.

“The Madhya Pradesh roads project will enhance rural road connectivity in the state which will open up opportunities for economic development and access to social services for beneficiary communities in the state and help in reducing poverty,” he said.

The project agreement was signed by Khare, Pankaj Jhawar, Chief General Manager, Madhya Pradesh Rural Road Development Authority on behalf of the Government of Madhya Pradesh; and Hisham Abdo, Acting Country Director, World Bank India, on behalf of the World Bank.

“This project will leverage resources to support innovations in road construction, improve road safety, and reduce carbon footprint in the transport sector by mainstreaming climate resilient technology in road design and construction,” said Hisham Abdo. fii-news.com

Tags: Department of Economic AffairsThe World Bank
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