Government to develop green highway with World Bank, will invest $500 million
The Government of India is about to start working with the World Bank for a safe and green National Highway Corridor. The project is worth $500 million. Under this, corridors will be constructed in Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh. The agreement was signed by CS Mahapatra (Edition Secretary, Economic Affairs, Ministry of Finance) on behalf of the government and Sumila Gulyani (Director in India for the World Bank) on behalf of the World Bank.
What is the project?
The Ministry of Road Transport and Highway (MoRTH) said that the project will enhance the ministry’s capacity in safety and green technology. Explain that with the help of this project, the Ministry will construct 783 km of highway through green technology in different geographical areas. This would include local and marginal materials, industrial byproducts and other bio-engineering solutions.
What is the benefit of this?
According to the release statement, this project will speed up connectivity through transport infrastructure and reduce logistics costs. Along with this, the government has launched several investment programs to strengthen the road sector and improve the logistic sector. This new green project will also help to provide freight volumes and movement analysis on National Highway Network and innovative logistics solutions.
World Bank Country Director (India) Junaid Ahmed said that there are two important dimensions of development of any country, connectivity for economic growth and connectivity for sustainable development. And this project is being given priority to both of these for India’s growth strategy.
National highway will be advanced
National highway accounts for 40% of the total road traffic in India. Under this project, the black spot, uneven capacity and drainage facility in the highway will be improved. Apart from this, new features of bypass, junction improvement and road safety will also be introduced. According to the statement, a $500 million loan will be taken from the International Bank for Reconstruction and Development (IBRD) for the project. Its maturity is 18.5 years, including a 5-year grace period.
