Govt, World Bank ink $500 million pact to develop highway corridors

The government and the World Bank Tuesday signed a $500 million project to build national highway corridors in the states of Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh. The $500 million loan from the International Bank for Reconstruction and Development (IBRD), an arm of the World Bank, has a maturity of 18.5 years including a five-year grace period.

The project will also enhance the capacity of the Ministry of Road Transport and Highways (MoRTH) in mainstreaming safety and green technologies, the finance ministry said in a statement. 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, it said.