India to receive $500 Million from the World Bank for ‘Green’ highway project
New Delhi: The World Bank and India on Tuesday signed a US$500 million project to develop green national highways and safe corridors. New highways will be constructed in Rajasthan, Himachal Pradesh, Andhra Pradesh and Uttar Pradesh.
The $500 million loan from the International Bank for Reconstruction and Development (IBRD) has a maturity of 18.5 years, including a grace period of five years.
A fund of the World Bank will help the Ministry of Road Transport and Highways. It will increase road safety and comfort on the road. The project will help reduce GHG (greenhouse gas) emissions in the construction and maintenance of highways.
The Country Director for the World Bank in India – Junaid Ahmad said that “Connectivity for economic growth and connectivity for sustainable development are two important aspects of a country’s development trajectory. This operation brings these two priorities together in support of India’s growth strategy,”
“This project will provide efficient transportation for road users in the four states, connect people with markets and services, promote efficient use of construction materials and water to reduce the depletion of scarce natural resources, and help lower GHG emissions,” Junaid Ahmad added.
According to the Government information – The National Highways of India carry about 40 per cent of road traffic.
Some experts believe that “The project will strengthen and widen existing structures, construct new pavements, drainage facilities and bypasses, improve junctions and introduce road safety features.”
_Vinayak.Barot
