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Sunday Dec 15, 2024
Tuesday, 20 November 2012 00:48 - - {{hitsCtrl.values.hits}}
The Asian Development Bank (ADB) yesterday committed additional financing for the Northern Road Connectivity Project which is estimated to cost Rs. 14.6 billion.
Two loan agreements in this connection was signed by the ADB and Finance Ministry yesterday.
Additional financing will be obtained to rehabilitate the national and provincial roads with the objective of achieving a balanced development through improvement of road connectivity between Northern Province and the other provinces of the country. Accordingly, 200 kilometres of 19 roads are expected to be rehabilitated under the Northern Road Connectivity Project (Additional Financing).
The total investment cost of this project is US$ 112.8 million (approximately Rs. 14.6 billion) while US$ 98 million is provided by the Asian Development Bank. The additional financing includes a loan of US$ 30 million from the Ordinary Capital Resources and a loan equivalent to US$ 68 million from the Asian Development Fund (ADF) of ADB. The Government contribution to the investment would be US$ 14.8 million.
The following specific interventions are expected to be carried out under the project: Rehabilitation and improvement of about 80 km of national highways in the Northern and North Central Provinces; Rehabilitation of about 50 km and 70 km of roads in Northern and North Central Provinces respectively and rehabilitation or replacement of selected bridges.
The road rehabilitation activities are scheduled to be completed by the end of December 2017 under the additional financing of Northern Road Connectivity Project, which is expected to be implemented with ADB loan funds.
The Road Development Authority under the supervision of the Ministry of Highways and Road Development and the Northern Provincial Council through the Northern Provincial Road Development Department under the supervision of the Ministry of Local Government and Provincial Councils will be the project implementing agencies of this development project.
