New Delhi: Multilateral lending agency World Bank will extend a $350 million soft loan to accelerate development of road network in Karnataka.
"The Government of India and the World Bank today signed a $350 million loan to accelerate the development of Karnataka's core road network through the Second Karnataka State Highway Improvement Project (KSHIP II)," the World Bank said in a statement.
The agreement was signed in the presence of Karnataka Chief Minister B S Yeddyurappa.
The project is aimed at upgrading 1,231 km of roads into two-lane highways, it added.
According to Ove-Josserand, the World Bank's Operations Adviser for India, while Karnataka has made impressive economic progress, the state government recognises the need for improving infrastructure, particularly road infrastructure, to make the growth more inclusive.
The project follows the first $360 million Karnataka State Highway Improvement Project (KSHIP I) implemented from 2001 to 2007, which helped improve and maintain 2,385 km of State Highways and major district roads.
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