NEW DELHI, May 31 (Xinhua) -- The World Bank on Thursday signed a pact with India to provide an additional loan of 500 million U.S. dollars for its ambitious "Prime Minister Rural Roads Project" under which 7,000 kilometers of new climate resilient roads would be built.
Out of the total, 3,500 kilometers will be constructed using green technologies, said official sources.
The loan agreement has a three-year grace period and a maturity of ten years. The project will be implemented by the country's ministry of rural development.
The World Bank has supported India's rural roads project since its inception in 2004. So far it has invested over 1.8 billion U.S. dollars in loans and credits mostly in the economically weaker and hill states across north India, particularly in the states of Bihar, Himachal Pradesh, Jharkhand, Meghalaya, Rajasthan, Uttarakhand, and Uttar Pradesh.
The project will also make use of innovative bridges and culverts through use of pre-fabricated/pre-cast units for roads and bridges, thus having better ability to withstand earthquakes and water forces.
