Archives

MANILA, Sept 21 (AFP) - India is to get a 240 million-dollar loan from the Asian Development Bank (ADB) to upgrade its national highway system, the multilateral lender said Friday.

The loan will fund 64 percent of the total cost of upgrading the 259-kilometer (161-mile) Tumkur-Haveri section of India's western transport corridor, the Manila-based bank said in a statement. Government funds will cover the balance.

Road safety is a major concern in India, where 80,000 people lost their lives in road accidents in 1999, the bank said.

The western corridor is the busiest leg of a 6,000-kilometer (3,720-mile) national highway system over the subcontinent that links New Delhi and the cities of Calcutta, Madras and Bombay.

The ADB loan from the bank's LIBOR- (London Inter-Bank Offered Rate-) based facility is payable over 25 years including a five-year grace.

India will also get a 700,000-dollar ADB technical assistance grant for the project.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager