New Delhi: India on Thursday signed a $346 million loan agreement with the Asian Development Bank (ADB) to finance improvement of over 400 km of state highways that will enhance connectivity and access to economic centres across 12 districts in Karnataka.
This would be in addition to an ongoing road improvement project financed by the ADB with a loan of $315 million which involves upgradation of about 615 km of state roads.
Country Director of ADB’s lndia Resident Mission Kenichi Yokoyama said the new loan will continue ADB support to the Karnataka government’s statewide road improvement programme, and will also help improve road safety.
Economic Affairs Joint Secretary Sameer Kumar Khare, who signed the agreement on behalf of India, said that state highways provide a crucial link to population and economic centres.
He said that support to the development of the state highway network in Karnataka through this project will promote economic activities and foster inclusiveness.