Himachal Pradesh Road Infrastructure Development Corporation (HPRIDC) converted into a public limited company
In 2007, the state government of Himachal Pradesh took a loan of 990 crores from the World Bank to construct and repair roads. However, the project was delayed, and the World Bank attributed it to the non-availability of the labor wing and lack of manpower.
HPRIDC to improve road infrastructure in Himachal Pradesh
To avoid such delays in the future, HPRIDC has been converted into a public limited company, which will focus on improving the condition of roads and constructing new ones in Himachal Pradesh. The company will work as per the conditions of the World Bank and will provide the budget by raising loans from private investors as well as international agencies.
Labor wing of the Public Works Department to work under HPRIDC
The labor wing of the Public Works Department will work under HPRIDC to ensure the timely completion of road projects. The government hopes that this move will lead to better road infrastructure in the state and boost economic growth.
World Bank’s $88 million loan to be utilized through HPRIDC
The World Bank has signed a loan of $88 million with the government of Himachal Pradesh to improve road infrastructure in the state. However, the World Bank instructed the government to set up a special-purpose vehicle before using this loan amount. Therefore, the conversion of HPRIDC into a public limited company is seen as a step towards the timely utilization of the loan.
