The World Bank (WB) has agreed to lend $3 billion (approx Rs 14,400 crore) loan to India for developing national highways.
The WB assistance will be utilised for converting 6,372 km of one-lane highways to two-lane, out of the total of 19,702 km of single lane highways in the country.
Kamal Nath, Minister of Road Transport And Highways, said that the WB will be willing to fund the viability gap funding and also fund 50 per cent of annuity projects.
Nath also announced the construction of 18,000 km of expressways in the country. The total project costs for 2009-2010 is estimated at $20 billion (approx 96,000 crore). Both debt equity and pension funds are being invited to participate in this programme. The share of private sector investment in this is likely to be about $12 billion (approx Rs 57,600 crore).
Source : ProjectsToday
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