The Government
of India and the World Bank signed legal agreements for the
Uttar Pradesh State Roads Project, here today. The agreements
were signed by Dr. Adarsh Kishore, Additional Secretary in the
Ministry of Finance on behalf of the Government of India, Mr.
Michael F. Carter, Country Director, World Bank on behalf of
the World Bank and Shri Alok Sinha, Principal Secretary (PWD),
Government of Uttar Pradesh on behalf of the Government of Uttar
Pradesh.
Under the agreement,
the World Bank will provide an IBRD loan of US$ 488.0 million.
The total cost of the Project is estimated at $ 614.84 million.
The Government of Uttar Pradesh will contribute the remaining
portion.
The Project includes
upgrading and widening of about 1000 Kms. of state highways
and constructing of four bypass roads and three major bridges;
minor rehabilitation, overlaying and resealing on about 2,500
Kms. of state highways and major district roads etc. The Project
will be implemented over a period of five years and is expected
to be completed by December 31, 2008.
The IBRD loan has
a variable spread over LIBOR and is a single-currency loan with
a grace period of five years and a maturity of 20 years.
