Bad roads: Jogi ropes in ADB to fund

Thirty per cent of this money will be disbursed in the form of grant and the rest 70 per cent loan @will be given at an interest rate of 8.4 per cent, he adds. The repayment of the loan will start after five years in 25 annual installment.

The greatest advantage for the state however comes in the form of ADB’s decision of make Chhattisgarh as a focal state for its economic activities in the country. The state government on Wednesday received ADB’s communication informing additional chief secretary (finance and planning) S.K. Mishra about the decision.

Sources in the finance department told the Indian Express that now when state government proposes to built North-south and East-west corridors,ADB assistance would kick start the project. But a major part of the ADB assistance will be used in upgradation of those roads, which were of economic interest. The private sector would be attracted to build the roads on Built, Operate and Transfer (BOT) basis.

Pathak says the ADB would appoint a consultant to draw-up priorities on development of road infrastructure in the state.

On receipt of the consultants report,the ADB will release Rs 1,000 crores to the state government in April-May 2003.