World Bank’s loan for Himanchal Pradesh State Roads Transformation Projects
World Bank and the government of Himachal Pradesh signed $82 million loan for the implementation of Himachal Pradesh State Roads Transformation Project.
- The project will strengthen the transport and road safety institutions of Himachal Pradesh.
- It aims at improving the condition, safety, resilience, and engineering standards of state road network.
- The Himachal Pradesh State Roads Transformation Project will finance initiatives with following objectives-
- To build climate and disaster-resilient roads.
- To improve road safety along tourism corridors in Himachal.
- To enhance logistics along fruit belts.
- To support the government’s initiative so as to create a corporate entity responsible for ensuring well-performing roads.
- Maintenance contracts will also be awarded to women-led Self-Help Groups (SHGs).
About World Bank
The World Bank, founded in July 1944, is an international financial institution to provides loans and grants to poorer countries to fund the capital projects. It Is headquartered at Washington D.C., United States under the parent organization-World Bank Group. 189 countries are member of International Bank for Reconstruction and Development (IBRD) while 173 countries are the member of International Development Association (IDA). IBRD and IDA are two institutions under the world bank.
Category: States Current Affairs