New Delhi: The Asian Development Bank (ADB) and the Government of India signed here today in New Delhi a $200 million loan on 26.11.20L8 to finance widening and upgrading of about 230 Kilometers State Highways in Bihar to all-weather standards with road safety features.
The signatories to the loan agreement for the Bihar State Highways III Project (BSHP-III) were Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs in the Ministry of Finance, who signed on behalf of the Government of India, and Mr. Rajeev P. Singh, Officer-in-Charge of ADB's India Resident Mission, who signed for ADB.
The project agreement was signed by Mr Vipin Kumar, Resident Commissioner, Govt. of Bihar and Mr Chandra Shekhar, Chief General Manager, Bihar State Roads Development Corporation Limited.
After signing the Loan Agreement, Mr Khare said that this loan will complement the efforts of the Government of Bihar to upgrade all State Highways to meet the minimum two-lane standard with better surfaces and improved road safety leading to improved connectivity.
Mr Singh said that the New Loan will continue ADB's support in the development of the road sector in Bihar. The improved roads under the Project will contribute to savings in vehicle operating cost and travel time, reduce vehicle emissions, and improve road safety.
The Project will also establish a State-level Road Research Institute to improve the technical and management capacity of the Road Agency Staff.
Since 2008, ADB has provided four loans to Bihar, amounting to $1.43 billion, to upgrade about 1,453 km of State Highways and to construct a New Bridge over the Ganga River near Patna.
This BSHP-III project, approved by the ADB Board in October this year, will involve upgrading State Highways to standard two-lane width with road safety features and paved shoulders including reconstructing, widening, and strengthening culverts and bridges.
The Project will also build institutional capacity of the State for road design and maintenance and incorporate appropriate new technologies in the State's road sub-sector.