Govt to take up $2.97 bn loan with World Bank chief

The government today said a proposal for $2.97 billion loan from the World Bank has been formulated and the same will be taken up with the President of the bank visiting India shortly.

"The proposal has been formulated. I shall be discussing with the World Bank President during his forthcoming visit," Kamal Nath, Minister for Road, Transport and Highways, said in the Lok Sabha during Question Hour.

The loan, he said, would be utilised for upgrading the single-lane highways. The proposal is with the Department of Economic Affairs and is likely to be finalised soon.

Replying to another query, Kamal Nath said there is shortfall of both skilled and unskilled engineers and the National Highways Authority of India (NHAI) is in the process of hiring large number of engineers.

The engineers would be recruited directly as well as through deputation from other departments, the minister said.

According to a study, there will be shortage to the extent of 55 to 64 per cent of skilled and semi-skilled man power over the next eight years and it will be met through NHAI's recruitment programme.

World Bank President Robert Zoellick is expected to come to India this week and the minister may take up the matter with him.