World Bank to lend $250 million for India’s road safety programme
As per a report by the World Bank, road crashes cost the Indian economy between 5% to 7% of GDP annually.
On Monday, June 27, the World Bank approved a $250 million loan for the road safety programme implemented by the Indian government. The programme aims to address the road accident fatality rate in the country.
The loan disbursed by the International Bank for Reconstruction and Development (IBRD) has a maturity of 18 years and a grace period of 5.5 years. The Indian government aims to reduce the road accident fatality rate, increase road safety management and strengthen emergency medical services through this programme.
World Bank has stated that this programme will help India in reducing the road accident fatality rate and will provide a better mechanism for road safety. “This will help in reducing the impact road crashes have, especially on the poor, and the economy and human capital,” said Hideki Mori, director, of World Bank India.
As per a report by the World Bank, road crashes cost the Indian economy between 5% to 7% of GDP annually. The India State Support Program for Road Safety will be implemented in Gujarat, Odisha, Tamil Nadu, Andhra Pradesh, Uttar Pradesh, and West Bengal.