Central government signs $500 million loan agreement with World Bank for PMGSY

June 30, 2018

The central government has signed a $500 million loan agreement with the World Bank to provide additional financing for the Pradhan Mantri Gram Sadak Yojana (PMGSY) rural roads project. The loan has a three-year grace period and a maturity period of 10 years. So far, the World Bank has invested over $1.8 billion in the scheme in the form of loans and credits. The PMGSY is being implemented by the MoRD and aims to build 7,000 km of climate-resilient roads, of which 3,500 km will be constructed using green technologies.