Tuesday, May 07, 2002
Tuesday, May 07, 2002 |
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By Our Special Correspondent
The agreements were formally signed by Edwin Lim, Country Director, World Bank, and the Additional Secretary, Department of Economic Affairs, Dr. Adarsh Kishore. The principal Secretary, PWD, Kerala, Babu Jacob, and the Chief Secretary, Mizoram, H. V. Lalringa, signed these agreements on behalf of their States. The total cost of the Kerala State Transport Project is estimated at $ 334.00 million . The World Bank would provide loan of $ 255 million and the balance of monetary requirement would be met by the State. The project aims at improving traffic flow and road safety . Its implementation will pave the way for further strengthening of the institutional and financial capacity of the State. The money will be utilised for improving the capacity and quality of highly congested State highways and major district roads besides ensuring better road maintenance planning and management practices and reducing accidents on major roads. The project also envisages an inland water transport improvement component for selected canals. The outer limit for completion of the project is June 30, 2007. The Mizoram State project will be implemented at a cost of $70 million with the World Bank chipping in with a loan of $ 60 million . The money will be utilised for improving 184 km of the State highway, besides road rehabilitation and maintenance of about 520 kms of roads. Effective measures for betterment of the institutional capacity as well as road safety in the State is also part of the project. The IDA credit carries no interest. However a service charge of 0.75 per cent per annum will have to be paid on the principal amount of the credit withdrawn and outstanding. The maturity period of the credit in case of Mizoram is 35 years with 10 years grace period as against a maturity period of 20 years and grace period of 5 years for Kerala.
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