World Bank-HP inks $82-mn Road Financing Agreement

The Government of India, the government of Himachal Pradesh and the World Bank has signed $82 million loan agreement for the implementation of Himachal Pradesh State Roads Transformation Project which will strengthen transport and road safety institutions by improving the condition, safety, resilience and engineering standards of the state road network. The Himachal Pradesh State Roads Transformation will finance initiatives to build climate and disaster-resilient roads; improve road safety along tourism corridors in Himachal; enhancing logistics along with fruit belts, and support the government‘s initiative to create a corporate entity responsible for ensuring well-performing roads. A third of the maintenance contracts under the project will be awarded to women-led Self-Help Groups (SHGs). Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance, informed that the economic growth of any region is closely linked to its road infrastructure. The hill state with its rich horticulture and tourism potential requires well-constructed, well connected, climate-resilient and safe roads. The project will help to develop reliable, resilient and safe roads, which is crucial for the economic development of the state.