Maharashtra plans to take Rs 15,000 crore loan from Asian Development Bank to build roads: PWD Minister Ashok Chavan

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Maharashtra PWD Minister Ashok Chavan said on Monday that his government planned to obtain loans of Rs 15,000 crore from the Asian Development Bank at a nominal rate to build roads and clear the backlog of works in the state.

Speaking to reporters here, Chavan said the backlog for road works has increased and the funds required will be more than the state budget has allocated.

“The MVA government plans to take out a loan of 15,000 crore rupees from the Asian Development Bank at a nominal interest rate of between 1 and 1.5%,” he said.

“The process of obtaining the firm’s sanction for this loan application is underway. We also plan to raise funds through asset monetization. Last year, the allocation of funds for road works was 30-40% due to the coronavirus outbreak.

This year we will need more funds, ”added Chavan.

He added that the restrictions on Shiv Jayanti’s celebrations, scheduled for February 19, were due to the coronavirus outbreak.

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Posted on: Monday February 15, 2021 3:03 PM IST


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