Patna, Oct 1 (UNI) The Asian Development Bank (ADB) has sanctioned project to the tune of Rs 421 million dollars for upgradation and conversion of nine state highways into two-lane highways.
State road construction department principal secretary R K Singh said here that of the total sanctioned fund 1 million dollar would be in the form of grant from the ADB while the rest had been approved as soft loan repayable over the next 30 years.
He said the interest rate on the loan was much lower than that being charged by the local money lending financial institutions.
Mr Singh said nine state highways running into 820 KM would be converted into double lane under the first phase with the fund sanctioned by the ADB. Construction work had already been taken up, he said adding that the expenditure incurred would be later reimbursed by the ABD.
Mr Singh informed that the conversion of the roads into double lane traffic corridors was being done as per international standard.
The total length of the state highways which require conversion is nearly 1500 KM of which 820 KM was being converted under the first phase and the rest would be done in the second phase.
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