The National Highways Authority of India said that it is negotiating with the Asian Development Bank for a USD 400 million loan and the deal may get through by the next month.
Mr A Didar Singh Member Finance of NHAI said that "We are negotiating with ADB for a USD 400 million loan. We will close the deal by end of this year the money is required next year.”
Mr Singh said that "Out of the total requirement of INR 0.331 million crore about 0.197 million crore will come from the private sector and the rest would be arranged by NHAI.”
Mr Singh said the contracts for about 100 highway projects would be awarded by March next year.
The government needs about INR 0.331 million crore to meet its target of developing 35,000 kilometers of national highways over the next five years.
NHAI, which is responsible for development and maintenance of national highways, meets its financial needs through cess on sale of fuel, borrowings from international lending agencies and the financial market. The length of national highways is about 70,548 kilometer representing only two per cent of the country's total road network, but carry about 40 per cent of the road traffic.
(Sourced from Business Standards)
