World Bank restructures $25-mn loans to KSTP-II project
World Bank has restructured Kerala State Transport Project-II (KSTP-II) as the restructuring will enable disbursing of the final payment of $25 million for the project. Otherwise, it will be an additional financial burden to the Kerala government, at a time when additional resources would be needed to manage the effects of the pandemic. The original project's development objective is to improve the condition, traffic flow and road safety with a focus on vulnerable road users on select roads in Kerala. However, it was later modified and enhanced resilience to climate change and disaster risk. The project's total road length is 408 km; 281km under component A1, 52km under A2 and 75km under Component D and has substantially completed 281km under Component A1 and the remaining roads are in progress but will be completed after the current loan closing date of April 30, 2021. The proposed restructuring will support the state government's commitment towards financing the balance of the activities beyond the closing date, thus ensuring that the project PDO is met. All road network upgrading and safety improvement contracts have been awarded, albeit with some procurement delays for EPC packages under sub-component A2. The purpose of the restructuring is to ensure that the full amount of the loan is fully disbursed, it noted.
📅Published on:
29 April 2021
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