Bank of Baroda inks Rs 2k cr loan pact with SRDC to repair roads in AP

Bank of Baroda (BOB) has partnered with the State Roads Development Corporation (SRDC) for a Rs 2,000 crore loan to expedite road repairing process in Andhra Pradesh. Representatives of RDC and Bank of Baroda inked the loan deal on Monday. With these funds, RDC will facilitate road rehabilitation works in the state. The RDC has begun the tender process for the rehabilitation of 1,147 roads. In the first phase, proposals were achieved for 328 works for Rs 604 crore. Proposals were recently invited for the development of 819 roads for Rs 1,601 crore in the second phase. With the recent signing of a Rs 2,000 crore loan deal with the Bank of Baroda for road restoration, the contractors were happy. It is because RDC will put the loan amount in a separate account. Bill payments will be made right from that account to the contractors who have achieved the road works. As a result, work on the first phase tenders will now be facilitated, and more contractors are planning to take part in the second phase bids. The Roads and Buildings are gearing up to begin work in the first week of December and achieve it by May 2022, as ordered by Chief Minister YS Jagan Mohan Reddy. Image Source