Asian Development Bank (ADB) will provide Rajasthan USD 500 million loan (about Rs 3,238 crore) in tranches to improve road transport in the state.
Asian Development Bank (ADB) will provide Rajasthan USD 500 million loan (about Rs 3,238 crore) in tranches to improve road transport in the state.
ADB said it in an investment programme that will improve connectivity and transport efficiency of state highways.
The Rajasthan State Highway Investment Programme will upgrade about 2,000 kilometres of state highways and major district roads to two-lane or intermediate-lane standards to meet national road safety requirements, ADB said in a release.
"Through an approach of public-private partnerships, the investment programme will vastly improve connectivity, allowing greater access to jobs, markets, services and social opportunities in Rajasthan," said Chen Chen, an ADB Senior Transport Specialist.
ADB said the loan assistance will also help the state in firming up its business processes focused on public-private partnerships.
Rajasthan has strong potential for growth, especially in agriculture, mining, agro-based industries and tourism, ADB said, adding this potential remains underutilised due to poor connectivity to markets and social services.
The project will also cover road asset management, road safety, and project management capacity of Rajasthan's Public Works Department.
"The project will achieve this by upgrading the department's business processes," ADB said.
Under the first tranche to improve 1,000 km of state highways estimated at USD 655 million, Manila-headquartered ADB will finance USD 220 million.
Rest of USD 280 million from ADB will form the part of project's second phase that will cost around USD 760 million.
The total cost of the project is USD 1.42 billion. Of this, central government will contribute USD 465 million, and USD 450 million will come from private sector and other concessionaires.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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