World Bank Signs $500 Million Project to Develop Green, Resilient and Safe Highways in India
New Delhi, Dec 22 (FN Bureau) The Government of India and the World Bank today signed a $500 million project to build safe and green national highway corridors in the states of Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh. The project will also enhance the capacity of the Ministry of Road Transport and Highways (MoRTH) in mainstreaming safety and green technologies. The Green National Highways Corridors Project will support MoRTH construct 783 km of highways in various geographies by integrating safe and green technology designs such as local and marginal materials, industrial byproducts, and other bioengineering solutions. The project will help reduce GHG emissions in the construction and maintenance of highways.
Dr C S Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance stated that the Government of India is committed to environmentally sustainable development in its infrastructure projects. This project will set new standards in the construction of safe motorable roads. The selected stretches in the states of Uttar Pradesh, Andhra Pradesh, Rajasthan and Himachal Pradesh will also help improve connectivity and promote economic development. The agreement was signed by Dr Mohapatra on behalf of the Government of India and Ms SumilaGulyani, Acting Country Director, India on behalf of the World Bank. The ultimate objective of transport infrastructure is to provide seamless connectivity and reduce logistics costs.
The Government of India has launched many investment programs in road sector infrastructure to strengthen and improve logistics performance. This project will also support analytics to map the freight volume and movement pattern on the National Highway network, identify constraints, and provide innovative logistics solutions. The $500 million loan from the International Bank for Reconstruction and Development (IBRD), has a maturity of 18.5 years including a grace period of five years.