Road Projects Current Affairs - 2019
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The National Investment and Infrastructure Fund (NIIF) and global transport infrastructure operator Roadis will jointly set up a platform to invest up to $2 billion of equity in road projects in India. The platform would target toll-operate-transfer models and acquisitions of existing road concessions.
Roadis is a fully owned subsidiary of the Public Sector Pension Investment Board which is one of Canada’s largest pension funds.
Currently, NIIF is managing the capital invested through three funds, namely:
- NIIF Master Fund: It focuses mainly on core infrastructure and operating assets.
- NIIF Fund of Funds: It invests in funds managed by third-party managers in the infrastructure and associated sectors.
- NIIF Strategic Fund: It is a diversified investment strategy, including greenfield projects and debt platforms.
NIIF’s role in infrastructure funding has acquired great significance in recent years, in the backdrop of most public-sector banks are struggling to cope with toxic assets and IL&FS, a key infrastructure refinancer until last year been ridden by the crisis.
Multilateral lending agency Asian Development Bank (ADB) has signed a loan agreement with India for providing new loan of 200 million dollars to upgrade 176 km of roads in Jharkhand.
The loan funds will be used to upgrade existing sections of four State roads to two lane standard. It will also support improvements in the design, maintenance and safety of the road network.
The new assistance will increase the institutional capacity of the State Highways Authority of Jharkhand (SHAJ) which is an autonomous road development agency of state.
Besides, the project will also help the State develop an international standard road safety master plan for promoting road safety in Jharkhand. It will enhance the State’s ability to systematically identify, analyze, develop and prioritize critical road safety measures, which will benefit all road users.