ADB approves loan worth Rs 22.26 billion for Phase III of KSHIP

ADB has approved a loan worth Rs 22.26 billion for Phase III of the Karnataka State Highways Improvement Project. The loan will be used for the upgradation of 419 km of state highways from two to four lanes with paved shoulders and for improving culverts and bridges. Under the project, a road safety survey will also be carried out to identify critical accident spots across state highways and measures will be taken to improve these areas. The total cost of the project is Rs 42 billion, of which Rs 12.99 billion will be provided by the state government while the private sector will invest Rs 6.88 billion through hybrid annuity contracts. The project is expected to be completed by end-2023.