World Bank to extend loan of USD 270 to Karnataka for road works

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Bangalore, Jan 1 (UNI) The World Bank has came forward to extend a loan of over 250 to 270 million USD to take up improvement of state highways, Karnataka Governor Rameshwar Thakur said today.

Briefing newspersons after presiding over the State Executive meeting here, Mr Thakur said that the government has decided to avail the loan to take up the Karnataka State Highway Improvement Project (KSHIP) Phase II.

He said that under KSHIP phase II over 3400 kilometers of State Highways will be developed and a praposal to avail the World Bank loan would be sent to the Union Government. The Public Works Department would initiate the process on the implementation of the KSHIP phase II which also identify the roads which would be upgraded.

The World Bank has offered the loan repayable over 20 year's period with lowest interest rate, he added.

The Governor said that the executive committee, in which all the three advisors participated also decided to hand over the Pheraperal ring road project and Outer Ring road project costing over Rs 3000 crores from Bangalore Development Authority and Bangalore Metropolitan Region Development Authority to National Highway Way Authority. The BDA and BMRDA would assist the NHAI to acquire the land required for the projects which also connects to Bangalore International Airport at Devenahalli.

Mr Thakur said that the state government has fixed the Minimum Support Price for Copra at Rs 3870 per quintal for (Ball Copra) and Rs 3620 per quintal for (Milling Copra). "The state government has plans to go for market intervention to purchase over one lakh tons of Copora if the price was crashed below MSP" he added.

Mr Krishnakumar, Governor's advisor who was also present informed that the meeting also discussed about the steep hike in the user charges by the Brihath Bangalore Metropolitan Palike (BBMP) and defended the latter's action. "It was since ten years the BBMP has increased the user charges to mobilise the resources" he added.

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