The government on Tuesday inked a $500-million (Rs 3,000 crore at 1 dollar = 60 rupees) loan agreement with World Bank for the National Highways Inter-connectivity Improvement Project (NHIIP).
"The Government of India and the World Bank signed here today a loan agreement for World Bank assistance of $500 million for National Highways Inter-connectivity Improvement Project (NHIIP)," an official statement said.
The objective of the project is to improve the National Highway network connectivity to less developed states and enhance institutional capacity of Ministry of Road Transport and Highways to better manage the highway network, it added.
The agreement was signed by Joint Secretary in the Ministry of Finance Nilaya Mitash and World Bank Operations Advisor in India Michael Haney.
The project comprises upgradation of about 1120 kilometres of existing single or intermediate lane National Highways in three low income states - Bihar, Orissa and Rajasthan - and in less developed regions of two middle income states - Karnataka and West Bengal, the statement said.
The total project size is $1146.05 million and the Ministry of Road Transport and Highways, Government of India is the implementing agency for the project, it added.
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