ID :
170810
Fri, 03/25/2011 - 12:35
Auther :
Shortlink :
https://oananews.org//node/170810
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World Bank approves USD 350 mn loan for K'taka highways
New Delhi, Mar 25 (PTI) The World Bank has sanctioned a
loan of USD 350 million to expedite the process of highway
development in southern Indian state Karnataka.
The Second Karnataka State Highway Improvement Project
(KSHIP II) will finance double-laning in 1,231 km of roads,
besides improving road safety design, management and
enforcement to reduce road fatalities, the World Bank said in
a statement.
"This loan...will help the Government of Karnataka
leverage private sector financing through economically viable
Public Private Partnerships (PPP) in accelerating the
development of their state highways," Indian Finance
Ministry's Department of Economic Affairs Joint Secretary Venu
Rajamony said in the statement.
The developmental assistance, approved on Thursday, will
be used as additional finance for the second Karnataka State
Highway Improvement Project (KSHIP II).
"While Karnataka has made impressive economic progress...
The acceleration of the road development program and attention
to road safety as envisaged in this project will help the
state realise faster social and economic benefits and spur
more investments," World Bank Country Director in India
Roberto Zagha said
The KSHIP II project follows the KSHIP I, implemented
from 2001 to 2007, which has improved and maintained 2,385 km
of state Highways and major district roads.
The Karnataka government has identified about 25,000 km
of the most important traffic corridors and designated them as
the state's core road network.
However, 39 per cent of the core road network requires
improvement to bring it into good or fair condition, according
to a road condition survey.
Karnataka accounts for 10 per cent of the total road
accident cases in India.
The number of fatalities has increased by 55 per cent
since 2000 to reach a rate of 140 per 100,000 vehicles in 2009
compared with rates like nine in the UK, 15 in USA and 70 in
Brazil and China, the survey said.
"The high fatality rate in Karnataka is attributed to a
lack of effective road safety management and enforcement
system", a World Bank release said.
The loan, from the International Bank for Reconstruction
and Development (IBRD), has a 5-year grace period, and a
maturity period of 18 years.
loan of USD 350 million to expedite the process of highway
development in southern Indian state Karnataka.
The Second Karnataka State Highway Improvement Project
(KSHIP II) will finance double-laning in 1,231 km of roads,
besides improving road safety design, management and
enforcement to reduce road fatalities, the World Bank said in
a statement.
"This loan...will help the Government of Karnataka
leverage private sector financing through economically viable
Public Private Partnerships (PPP) in accelerating the
development of their state highways," Indian Finance
Ministry's Department of Economic Affairs Joint Secretary Venu
Rajamony said in the statement.
The developmental assistance, approved on Thursday, will
be used as additional finance for the second Karnataka State
Highway Improvement Project (KSHIP II).
"While Karnataka has made impressive economic progress...
The acceleration of the road development program and attention
to road safety as envisaged in this project will help the
state realise faster social and economic benefits and spur
more investments," World Bank Country Director in India
Roberto Zagha said
The KSHIP II project follows the KSHIP I, implemented
from 2001 to 2007, which has improved and maintained 2,385 km
of state Highways and major district roads.
The Karnataka government has identified about 25,000 km
of the most important traffic corridors and designated them as
the state's core road network.
However, 39 per cent of the core road network requires
improvement to bring it into good or fair condition, according
to a road condition survey.
Karnataka accounts for 10 per cent of the total road
accident cases in India.
The number of fatalities has increased by 55 per cent
since 2000 to reach a rate of 140 per 100,000 vehicles in 2009
compared with rates like nine in the UK, 15 in USA and 70 in
Brazil and China, the survey said.
"The high fatality rate in Karnataka is attributed to a
lack of effective road safety management and enforcement
system", a World Bank release said.
The loan, from the International Bank for Reconstruction
and Development (IBRD), has a 5-year grace period, and a
maturity period of 18 years.
