The NDB funded road projects coming up in Andhra Pradesh will also have a positive impact on employment generation and economic well-being.
The Union government Government of Andhra Pradesh and the New Development Bank (NDB) signed $323 million loan arrangement for two projects.
The first project. Andhra Pradesh Roads and Bridges Reconstruction Project comprises widening 1,600 km of State Highways to double lane and reconstructing dilapidated bridges. The second project. Andhra Pradesh Mandal Connectivity and Rural Connectivity Improvement Project comprise widening 1.400 km of district roads to double lane and reconstructing dilapidated bridges on the district road network. The two projects are expected to improve mobility and connectivity to the socioeconomic centres, enhance transport efficiency. improve road safety and riding quality, and provide all-weather accessibility for the State’s road users.
The projects would increase the toads’ daily traffic capacity to 15.000 passenger car units, which is expected to meet the projected traffic growth over the next 20 years. The projects will contribute to the development of state infrastructure, enhance road connectivity and safety, and provide connectivity between adjoining Mandal headquarters and rural areas, says Baldeo Purushartha. Joint Secretary, Department of Economic Affairs, Ministry of Finance.
The projects will also have a positive impact on employment generation and economic well- being. he adds. The NDB funding will help bridge the funding gap for road infrastructure development. That will support the Government of Andhra Pradesh in its goal to enhance connectivity between socioeconomic centres, says Xian Zhu, Vice President. and Chief Operations Officer of NDB. The NDB was established based on the inter-governmental agreement among the BRICS countries. Its purpose is to mobilize resources for infrastructure and sustainable development projects in BRICS
and other emerging market economies and developing countries. The tenor of each loan is 32 years. including a moratorium period of five years.