India inks US$ 216mn agreement with World Bank
The loan and project agreements for World Bank (IBRD) assistance of US$216 million for Second Kerala State Transport Project were signed between Government of India/Government of Kerala and World Bank at New Delhi, yesterday.
The loan agreement was signed by Nilaya Mitash (joint secretary, Department of Economic Affairs) on behalf of Government of India and Onno Ruhl, country director, World Bank (India) on behalf of the World Bank. The project agreement was signed by T.O. Sooraj, secretary, Public Works Department on behalf of the Government of Kerala.
The objective of the project is to improve road conditions, traffic flow and road safety with a focus on vulnerable road users on selected roads in Kerala.
The project will have three components:road network upgrading and safety improvement, road safety management, and institutional strengthening.
The plan iincludes upgrading 363 kms of strategically important State Highways to complete network connectivity in the state with the objective of reducing travel time between key socio-economic centers.
The projects will be implemented over a period of six years.