New Delhi (ABC Live): India and the Asian Development Bank (ADB) on Wednesday signed a $315 million loan agreement for the Karnataka State Highway Improvement Project.
It is to mention that this is the first loan assistance from ADB in the state of Karnataka designed to upgrade roads.
The project will help rehabilitate and upgrade about 615 km of state highways identified from the core road network of the state.
It will also strengthen the capacity of the Public Works Department (PWD) of the Government of Karnataka (GOK) to develop, operate, and maintain the state road network. Road improvement works will include the upgrading of existing roads to two lanes; construction of bypasses; strengthening of culverts and bridges; and construction of new bridges and drainage structures.
The loan will help the PWD supervise the implementation of civil works and support the establishment and operation of the Planning and Road Asset Management Centre (PRAMC).
A Capacity Development Technical Assistance (CDTA) of $1.5 million is also attached to this loan. This is designed to strengthen PWD’s capacity in asset management and road safety to ensure safe and sustainable road development.
India is one of the founding members of the Asian Development Bank (ADB) established in 1966. ADB is engaged in promoting economic and social progress of its developing member countries (DMCs) in the Asia Pacific Region. India started accessing loan assistance from ADB in 1986.
A total of 144 loans amounting to $ 23.25 billion and 313 technical assistance (TA) projects amounting to $232.5 million have been accessed on cumulative basis. The ongoing projects are 67 ($ 10.34 billion) and TA projects are 79 ($ 79.62 million).
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