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INDIA : India signed $315m loan agreement with ADB
Publish Date : 25-Jul-2011
The Government of India signed a loan agreement worth USD 315 million with multilateral funding agency Asian Development Bank (ADB) for the Karnataka State highway improvement project.The loan will help the government to rehabilitate and upgrade about 615 km of state highways, a Finance Ministry statement said.
The signatories of the loan were Shri Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs and Prodyut Dutt, Officer-in-Charge, ADB\'s India resident mission. The project agreement was signed by Shri Subhash Chandra Khuntia, Principal Secretary, Public works, Ports and Inland Water Transport Department on behalf of the Government of Karnataka and Shri Dutt.
This is the first loan assistance from ADB in Karnataka for upgradation of road projects.
The project includes upgrading existing roads to two lanes, construction of by-passes, strengthening of culverts and bridges. Besides, the loan also seeks to strengthen the capacity of state\'s Public Works Department (PWD) to develop, operate and maintain the state road network.
