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Tuesday, November 6, 2012

India Signs Agreements with World Bank for US$ 320 Million AID

The Loan and Project Agreements for World Bank (IBRD) assistance of US$ 320 million for Assam State Roads Project were signed between Government of India and the Government of Assam respectively and the World Bank in New Delhi today. The Loan Agreement was signed by Shri Prabodh Saxena (Joint Secretary, Department of Economic Affairs) on behalf of Government of India and Mr. Onno Ruhl, Country Director, World Bank (India) on behalf of the World Bank. The Project Agreement was signed by Shri Mohan Chandra Boro, Commissioner & Special Secretary, Public Works Road Department on behalf of the Government of Assam.
The Objective of the project is to enhance the road connectivity in Assam by assisting the Public Works Road Department to improve and effectively manage its road network.
Project Component: The project will have three components:
1. Road Improvement: This component will support improvement of priority sections of secondary roads in Assam to improve state connectivity and facilitate regional integration.
2. Road Sector Modernization and Performance: This component will support the implementation of Assam’s Road Sector Modernization Program
3. Road Safety Management: This component will strengthen safety management capacity of related agencies in Assam through developing and implementing a multi-sector road safety strategy.
The IBRD loan has a variable spread over LIBOR and is a US $ denominated loan. The project will be implemented over a period of six years.

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