Multi-lateral funding agency Asian Development Bank (ADB) today said it will extend a loan of USD 200 million to Jharkhand for upgrading roads.
ADB is extending a new loan of USD 200 million to help Jharkhand state continue upgrading key state roads to open up new economic opportunities and improve access to services for the poor, it said in a release.
"Jharkhand has substantial natural resources which are largely untapped due to access issues. Improving road links will help the state tap its full potential, resulting in growth that will help cut poverty," said Tsuneyuki Sakai, Senior Transport Specialist in ADB's South Asia Department.
"Along with physical upgrades to 176 kilometers of roads, this loan assistance will also support efforts to improve the design, safety, and maintenance of the network," Sakai said.
About 40 per cent of main network is in poor condition in the state, hampering mobility and opportunities between remote areas and industrial and economic centers, said the release.
ADB said the project will also generate employment opportunities for residents in five districts, including for women, who will get a guaranteed share of a least 20 per cent of jobs for afforestation work alongside the upgraded roads.
In addition to ADB's loan, the state government will provide counterpart assistance equivalent to USD 106.25 million.
The project will run for over 4 years, with an expected completion date of 31 December 2019.
