Jaipur: The World Bank’s board of executive directors has approved the Rajasthan Highway Modernisation Project worth over 225 million dollars (approximately Rs 2,000 crore) to improve the efficiency, resilience and safety of state highways.According to the World Bank, the project is expected to benefit over 30 lakh people by enhancing transport connectivity and generating employment in sectors such as industry, mining, tourism and agriculture.This project will help make the Rajasthan State Highway Authority, modern and service oriented. Around 800 km of selected state highways will be upgraded and maintained, while road safety management systems will also be strengthened.Notably, the project will introduce a step-up loan structure in India for the first time.World Bank acting Director for India Paul Prosi said that the initiative will improve connectivity for youth, enabling better access to employment opportunities, while also boosting industrial competitiveness and tourism in the state.The 225 million dollars loan from the International Bank for Reconstruction and Development (IBRD) has a maturity period of 35 years, which includes the step-up loan facility and a grace period of five years.
