NABARD sanctions Rs 2.66 billion loan for upgradation of rural roads and bridges in Punjab

The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a Rural Infrastructure Development Fund (RIDF) loan assistance of Rs 2.66 billion for the upgradation of rural roads and bridges in Punjab. These funds will be utilised for the upgradation of 71 roads and six bridges in the state. In addition, 500 km of existing roads will also be widened and strengthened using these funds. These projects will be implemented by the Public Works Department of Punjab. Work is expected to commence by August 2018 and is expected to be completed within 18 months from the commencement of construction. Phase I of the RIDF loan comprises Rs 2.13 billion and the share of the state government is Rs 0.53 million. At present, approval is being obtained from NABARD for Phase II of the RIDF loan to undertake road projects worth Rs 1.4 billion.