Delhi: Himachal Pradesh government today inked an agreement with the World Bank for the Rs 1365-crore Himachal Pradesh State Road Project, which would be one of the largest externally funded developmental projects ever carried out in state. The agreement was signed between representatives of World Bank, government of India and Himachal Pradesh government in presence of Union Finance Minister P Chidambram and state Chief Minister Virbhadra Singh in Delhi.
Chief Minister Virbhadra Singh said that the five-year project would be implemented by HP Road & Other Infrastructure Development Corporation, and would be completed by December 2012. Out of the total project cost, Rs 1,000 crore would be World Bank loan while the state would contribute 365 crore rupees to the project. The Central government will provide Rs 1,000 crore as loan amount to the state government as 90% grant, and the loan would have a 20 years maturity period with five years grace periods.
Kangra district has received top priority as 491 kms road length of the district will be covered under the project while 477 kms road length of Mandi district will be covered under the project. The CM said that 2,500 kms of road length would be covered under the project, out of which 500 Km would be upgradation of roads and 2,000 kms renewal of roads.