The Asian Development Bank (ADB) and the Union Government on 3 June 2016 signed the Loan Agreement for 200 million US dollars to upgrade 176 Kilometres of State roads in Jharkhand.
The agreement was signed by Raj Kumar. Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance and by M. Teresa Kho, Country Director of ADB’s India Resident Mission.
Highlights of the agreement
• It will upgrade existing sections of four State roads to two lane standard and will also support improvements in the design, safety and maintenance of the network.
• Besides upgrading 176 km of roads, the project will help the State develop an international standard road safety master plan for promoting road safety in Jharkhand.
• It will enhance the State’s ability to systematically identify, analyze, develop and prioritize critical road safety measures, which will benefit all road users.
Highlights of the Project to upgrade 176 Km of roads in Jharkhand
• Several safety features included in the project design include over 60 bus stop shelters; 50 km of raised sidewalks in urban areas; 4 km of dedicated bicycle lanes; and solar-powered street lights.
• The project will also generate employment opportunities for residents of the adjoining areas, including for women, who will get a share of a least 20% of jobs for afforestation.
• The total cost of the project, due to be completed by December 2019, is 306.25 million US dollars.
• In addition to ADB’s loan, the State Government of Jharkhand will provide counterpart assistance equivalent to 106.25 million US dollars.
ADB has already been supporting the Jharkhand’s goals of improving its road connectivity by providing an initial loan for upgrading 311 km of State Roads in 2009. Together, the two projects are rehabilitating 487 km of state highways.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
What: Signed Loan Agreement
When: 3 June 2016