World Bank grants $348 M for road project

Friday, 29 August 2003, 07:00 Hrs
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NEW DELHI: India Thursday signed an agreement with the World Bank for $348 million loan for a road project Tamil Nadu.

B.P. Mishra, additional secretary finance ministry, signed the agreement on behalf of the federal government, with World Bank Country Director Michael F. Carter representing the multilateral body.

The total cost of the project, to be completed by September 30, 2008, is estimated at $450 million with the state government contributing $102 million, the finance ministry said in a statement.

The project would involve upgrading and widening of about 750 km of state highways and 14 bypasses, maintenance work on about 2,000 km of roads to improve safety at 75 "black spots" and implementation of an institutional plan to strengthen the state Public Works Department's overall capacity, the statement said.

The World Bank loan has a variable spread over the LIBOR benchmark and is a dollar denominated loan with a moratorium on principal payment for five years and a maturity of 20 years.

Source: IANS
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