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$360 million WB loan for Karnataka highway project

The World Bank has announced a $360-million loan for a highway project in Karnataka.

The project involves expansion and upgradation of the core road network and providing technical assistance for improved management of road resources and road safety, a WB release said.

About 1,000 km of roads will be widened while repairs will be carried out in an additional 1,300 km under the plan.

It also aims to invest in Karnataka's road agency -the public works department -- to provide training for staff and modernise equipment and systems of strategic importance for road safety and maintenance.

The maturity period of the loan is 20 years with a grace period of five years, the release added.

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