NEW DELHI, Dec. 20 (Xinhua) -- The Asian Development Bank (ADB) and the government of India on Friday signed a loan of 490 million U.S. dollars for a public-private partnership (PPP) project to upgrade about 1,600 km of roads in the central state of Madhya Pradesh.
An additional 286 million U.S. dollars investment will be mobilized through private sector participation under the PPP modality, said an official statement issued by the country's Ministry of Finance.
The loan agreement was signed between senior official at the Ministry of Finance Sameer Kumar Khare and ADB's Country Director Kenichi Yokoyama in New Delhi.
Speaking on the occasion, Khare said that the upgradation of roads in the state would improve rural and urban connectivity, and also improve access to markets and better services.
The project will upgrade a total 750 km of state highways and 850 km of district roads to two-lane and all-weather standards with road safety features, added the official statement.
It will also develop an e-maintenance system, which can record defects or required maintenance, along with a training program to develop capacity on contract implementation and project finance in the Madhya Pradesh Road Development Corporation.
Since 2002, the ADB has provided the Madhya Pradesh state government with five loans to develop its road network, improving about 7,300 km of roads, said the statement.
