By IANS,
New Delhi : The Asian Development Bank (ADB) Wednesday offered $300 million loan for up-gradation of state highways in Madhya Pradesh.
The loan will help upgrade nearly 1,000 km of state highways in the eastern and west central parts of Madhya Pradesh, officials said after signing agreements here.
As part of the loan package, ADB is additionally providing technical assistance worth $1 million to support road safety and private sector participation in state highway development and maintenance.
“ADB supports road sector development as a core infrastructure operation to facilitate sustainable economic growth in India,” said Prodyut Dutt, officer-in-charge at ADB’s India resident mission.
As a long-standing development partner for Madhya Pradesh, as of today, ADB has approved 15 loan deals amounting to $2.57 billion covering power, urban, state road, and rural road sectors, Dutt said.
The ADB has already provided two loan assistance for road projects in Madhya Pradesh.
The new loan will help in development of the entire highway network and capacity enhancement of Madhya Pradesh Rural Development Corporation, particularly in those areas which were not covered in the previous two agreements.
With completion of this project, the entire state highway network of Madhya Pradesh will be upgraded, an official statement said.