Announcement of India Second National Highway Project on May 14, 1992

FOR IMMEDIATE RELEASE World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. *Telephone: (202) 477-1234 gg NEWS RELEASE NO. 92/78 Contact: Pastor Sison IDA NEWS RELEASE NO. 92/77 Tel: (202) 458-0344 INDIA: SECOND NATIONAL HIGHWAY PROJECT The following is additional information about a project announced in the latest issue of World Bank News. DATE: May 14, 1992 WORLD BANK GROUP SUPPORT: World Bank loan: $153 million. International Development Association (IDA) credit: SDR 116.2 million ($153 million). The World Bank loan is for 20 years, including five years of grace, with a variable interest rate, currently 7.73 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.25 percent on the undisbursed balance. The IDA credit is for 35 years, including 10 years of grace; it carries no interest but has an annual charge of 0.75 percent on the disbursed balance and an variable charge of up to 0.5 percent (currently zero percent) on the undisbursed balance. TOTAL COST: $385.3 million OTHER FINANCING: Government of India, $79.3 million IMPLEMENTING AGENCY: Ministry of Surface Transport ESTIMATED COMPLETION DATE: 2001 PROJECT DESCRIPTION: The objectives of the Second National Highway Project are to: (a) modernize key sections of the national highway network; (b) promote investments in road engineering and construction, network management, and contract management; and (c) assist the State of Orissa in the reconstruc- tion of flood-damaged bridges. The project includes: (a) modernization of six sections of national highways (civil works and supervision), comprising about 290 kilometers in length, in the states of Haryana, Madhya Pradesh,'Mahar- ashtra, Orissa, Punjab, and West Bengal; (b) provision of equipment for monitoring and managing the national highway network; (c) institutional strengthening, including fellowships and training in the supervision of road works for professional and field staff, technical assistance to the Ministry of Surface Transport, and studies to prepare follow-up projects; and (d) reconstruction of six flood-damaged bridges in the State of Orissa.