WASHINGTON, March 30, 2010 - The World Bank’s Board of Executive Directors today approved the following project: IBRD Loan: US$50.7 million TERMS: Maturity = 25 years; Grace = 5 years Project ID: P118981 Project Description: The Additional Financing for the Tamil Nadu Road Sector Project for India aims to improve the quality and sustainability of the core road network of Tamil Nadu. The project has experienced significant cost overrun. The cost overrun is primarily due to: (a) increased costs of the upgrading works due to increase in the prices of construction materials and delays in execution of contracts, (b) appreciation of Indian Rupee vis-a-vis the US Dollar, and (c) addition of a Tsunami affected bridge for which amendment to the Loan Agreement was carried out. Media Contact Erik Nora (202) 458-4735 enora@worldbank.org For more project information, please visit: http://web.worldbank.org/external/projects/main?pagePK=64283627&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P118981 |
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