India and World Bank sign USD 500 million worth project for Green National Highway Corridors

India and World Bank sign USD 500 million worth project for Green National Highway Corridors

Part of: GS Prelims and GS-III – Infrastructure

In news

• The Indian Government and the World Bank signed a USD 500 million project to build safe and green national highway corridors in Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.

Key takeaways

• The Green National Highways Corridors Project will support the Road Transport and Highways Ministry to construct 783 kilometres of highways in various geographies by integrating safe and green technology designs such as local and marginal materials, industrial by-products and other bioengineering solutions.
• The project will help reduce GHG emissions in the construction and maintenance of highways.
• The project will also enhance the capacity of the Ministry of Road Transport and Highways in mainstreaming safety and green technologies.
• The $500 million loan from the International Bank for Reconstruction and Development (IBRD) has a maturity of 18.5 years including a grace period of five years.

Important value additions 

The International Bank for Reconstruction and Development (IBRD) 

• It is an international financial institution.
• Established in: 1944 
• Headquarter: Washington, D.C., USA
• It is the lending arm of World Bank Group. 
• It offers loans to middle-income developing countries. 
• It is the first of five member institutions that compose the World Bank Group. 
• The IBRD and its concessional lending arm, the International Development Association (IDA), are collectively known as the World Bank as they share the same leadership and staff.