The government today signed a loan agreement worth $315 million with multilateral funding agency

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Asian Development Bank (ADB) for the Karnataka State highway improvement project.

The loan will help the government to rehabilitate and upgrade about 615 km of state highways, a Finance Ministry statement said.

The agreement was signed by Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs and Prodyut Dutt, Officer-in-Charge, ADB's India resident mission.

This is the first loan assistance from ADB in Karnataka for upgradation of road projects.

The project includes upgrading existing roads to two lanes, construction of by-passes, strengthening of culverts and bridges.

Besides, the loan also seeks to strengthen the capacity of state's Public Works Department (PWD) to develop, operate and maintain the state road network.