Uttar Pradesh government plans to raise Rs 120 billion for Poorvanchal Expressway

The Uttar Pradesh government plans to raise Rs 120 billion for the 341 km Poorvanchal Expressway. The state government has issued an expression of interest document, stating its intention to raise the requisite funds from domestic or international financial institutions such as equity funds, banks and alternative funding agencies, in the form of loans or other forms of infrastructure funding to the Uttar Pradesh Expressway Industrial Development Authority for partly financing the project. The money will be repayable over a period of 12 years, after a moratorium during the three-year construction period. The estimated cost of the project is Rs 233.49 billion, inclusive of the Rs 117.18 billion construction cost. The state government has already spent Rs 61 billion from its own funds to buy 91 per cent of the land required for the expressway project.