The Hindu Business Line : $315-m IBRD loan for Kerala, Mizoram

The agreements were signed by the Additional Secretary, Department of Economic Affairs, Dr.Adarsh Kishore on behalf of the Government of India, Mr.Edwin Lim, Country Director, World Bank and Mr.Babu Jacob, Principal Secretary, PWD, Government of Kerala and Mr.H.V.Lringa, Chief Secretary, Government of Mizoram.

The projects are aimed at improving the transport system in both the States. The total cost of the Kerala Transport Project is estimated at $ 334 million. The World Bank would extend a loan of $ 255 million and the Kerala Government would meet the counterpart funding of $ 79 million.

The loan has a variable spread over the Libor and is a single currency loan with a maturity of 20 years and a grace period of five years. The project is expected to be completed by June 30, 2007. The Kerala road project is expected to address the rapid increase in demand for road services in the State.

The Mizoram state road project is estimated to cost $ 70 million. The International Development Association (IDA) would provide a credit of $ 60 million and the Government of Mizoram would meet the counterpart funding of $ 10 million. The project is expected to improve road capacity, quality and safety through rehabilitation and maintenance.

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