ADB Approves $ 490 m Funding To Upgrade Roads In Madhya Pradesh
The Asian Development Bank (ADB) has approved $ 490 m as finance for the $ 904 m public-private partnership (PPP) project to upgrade roads in Madhya Pradesh, India. The PPP project aims to improve about 1,600 km of state highways and major district roads in the state. This project in Madhya Pradesh Road Sector Project involves upgrading at least 750 km of state highways as well as 850 km of major district roads to two-lane and all-weather standards with road safety features.
ADB South Asia transport specialist Kai Wei Yeo said, “Increasing the capacity of the Madhya Pradesh road network will not only improve road conditions and safety but raise living standards by enabling better access to markets and better services. This project also introduces PPP arrangements through the hybrid-annuity model in Madhya Pradesh to bring private sector efficiencies for sustainable asset creation and maintenance.”
Planned for completion in 2024, the PPP project will receive funding $286 m from the private sector while the government will provide $128 m.
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