On December 22, 2020 The World Bank and Government of India signed a $500 Million(around Rs 3,692 crore) Green National Highways Corridors Project to build safe, green and resilient highways in states of Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.
Points to be Noted
The loan will be provided by International Bank for Reconstruction and Development (IBRD). It has a maturity of 18.5 years including a grace period of 5 years.
The agreement was signed by Dr Mohapatra on behalf of the Government of India and Ms SumilaGulyani, Acting Country Director, India on behalf of the World Bank.
Note-The World Bank approved this project in March 2020.
Benefits of the Project
Support for MoRTH & Risk Disaster Management
i.It will boost the capacity of the Ministry of Road Transport and Highways (MoRTH) to mainstream the safety and green technologies and also the climate resilience aspects in project design and implementation.
ii.Along with this, a disaster risk assessment of about 5,000 km of the National Highway network will also be undertaken, under the project.
iii.It will support MoRTH to construct 783 km of highways in various geographies by combining safe and green technology designs like local and marginal materials, industrial byproducts, and other bioengineering solutions.
Reduce GHG emissions
It will minimise Greenhouse Gas(GHG) emission in constructing and maintaining the highways.
It helps to improve connectivity and promote economic development.
- Existing structures will be strengthened and expanded.
- New pavements, drainage facilities and bypasses will be constructed.
- Junctions will be improved and road safety features will be introduced.
Statistics regarding India’s Traffic
i.The National Highways of India carry about 40% of road traffic
ii.65% of freight traffic and 85% of passenger traffic is carried by 5.48 million km road network of India.
iii.It is to be noted that, in the last 6 decades, the traffic volume on the network is growing at a Compound Annual Growth Rate (CAGR) of 10.8%.
Recent Related News:
On June 28, 2020, The board of executives of the World Bank (WB) has approved loan of $ 500 million (about Rs 3,700 crore) under ‘Strengthening Teaching-Learning and Results for States Program (STARS)’project to improve the quality and governance of school education across six states (Himachal Pradesh, Kerala, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan) in India.
About World Bank:
The World Bank Group consists of 5 organizations, namely:
The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA), The International Centre for Settlement of Investment Disputes (ICSID).
HeadQuarters– Washington, DC, New York, United States(US)
President – David Malpass
Member Countries– 189(including India)