Multilateral lending agency Asian Development Bank (ADB) today signed an agreement with India for providing new loan of USD 200 million to upgrade 176 km of roads in Jharkhand.
"For achieving faster growth, Jharkhand needs to improve mobility through better roads. Besides upgrading 176 km of roads, the project will help the state develop an international standard road safety master plan for promoting road safety in Jharkhand," the Finance Ministry said in a statement.
The total cost of the project, due to be completed by December 2019, is USD 306.25 million, it said, adding that Jharkhand government will provide counterpart assistance equivalent to USD 106.25 million.
This will enhance the state's ability to systematically identify, analyse, develop and prioritise critical road safety measures, which will benefit all road users, it said.
ADB's India Resident Mission Country Director Teresa Kho said ADB has been supporting the state's goals of improving road connectivity by providing an initial loan for upgrading 311 km of state roads in 2009.
Kho said that the new assistance will increase the institutional capacity of the State Highways Authority of Jharkhand (SHAJ) as an autonomous road development agency.
"Together, the two projects are rehabilitating 487 km of state highways, she concluded," she said.
A recent ADB study estimated that achieving an
intermediate reduction of at least 20 per cent by 2020 would require investing about USD 68 billion in energy efficiency measures in India alone.
The statement said the Indian government's National Mission for Enhanced Energy Efficiency has already launched several initiatives to enhance energy saving in energy intensive businesses and hopes to unlock the market for energy efficiency projects that is estimated at more than USD 11 billion, or Rs 740 billion.
Using more LED lights and fans in homes and institutions will mean energy savings of 80 per cent, LED streetlights bring savings of 50 per cent, and efficient water pumps will save 30 per cent of energy, it said.
The multilateral agency said it is also committed to doubling its annual financing for climate change mitigation and adaptation in the region to USD 6 billion by 2020.
