W-B gives $488 M to upgrade UP roads

Monday, 23 December 2002, 08:00 Hrs
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NEW DELHI: The World Bank Friday approved a $488 million loan for improving the existing road network in India's most populous state of Uttar Pradesh.

The upgrading was "expected to have a positive impact on economic growth and poverty reduction", the bank said in a statement.

The loan will be used to improve the capacity, quality and safety of the existing network.

The loan is payable in 20 years and has a five-year grace period.

A recent survey found that only 17 percent of the 6,300 km of the road network in Uttar Pradesh was in good condition.
Source: IANS
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