To upgrade and strengthen 500 kilometres of State highways as well as look for measures to reduce accidents and fatalities on roads, the Uttar Pradesh Government will get $400 million loan from World Bank. For this, an agreement was signed between the Government of India, Government of Uttar Pradesh and World Bank.
The loan agreement was signed by Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Union Finance Ministry, on behalf of the Government of India; Girijesh Kumar Tyagi, Special Secretary (PWD), on behalf of the Government of Uttar Pradesh and Junaid Ahmad, Country Director, India, on behalf of the World Bank. The $400 million loan from the International Bank for Reconstruction and Development (IBRD) has a six-year grace period and a final maturity of 24 years.
“Infrastructure development, particularly roads, is a priority for the Government of India,” Khare said. “The will help Uttar Pradesh develop an efficient road network which will help integrate the less developed regions in the state and accelerate agricultural and industrial growth,” he said.
The Uttar Pradesh Core Road Network Development Project will help the state’s Public Works Department to design and build green highways which are resilient to the effects of climate change. It will also strengthen the PWD’s capacity to identify issues on road safety, improve traffic flows and reduce fatalities on congested district and state highways.