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Union Government and ADB signed an agreement on improving road connectivity in Chhattisgarh

Feb 26, 2014 19:00 IST

Union Government and Asian Development Bank (ADB) signed an agreement on 26 February 2014 for a 300 million US dollar loan to improve road connectivity along key corridors in the State of Chhattisgarh.

The Project’s objective is to improve more than 900 kilometers of State roads, in line with the Chhattisgarh Road Master Plan, involving upgradation of roads sections and strengthening culverts and bridges.

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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.

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.

The Government of Chhattisgarh will provide counterpart finance of about 128 million US dollar to cover the estimated total project cost of 428 million dollar.

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Read more Current Affairs on: Union Government , ADB , Chhattisgarh

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