BOB enters into agreement with AP Roads Development Corporation for development of roads

All decks cleared to speed up the road restoration works in the state as Bank of Baroda (BOB) has entered into an agreement with the State Roads Development Corporation (SRDC) for a loan of Rs 2,000 crore. Representatives of RDC and Bank of Baroda signed the loan agreement on Monday. With these funds, RDC will expedite road rehabilitation works in the state. The RDC has started the tender process for the rehabilitation of 1,147 roads.

In the first phase, tenders were finalized for 328 works at a cost of Rs 604 crore. Tenders were recently called for the construction of 819 roads at a cost of Rs 1,601 crore in the second phase. With the recent signing of a Rs 2,000 crore loan agreement with Bank of Baroda for road rehabilitation, the contractors were happy. This is because RDC will deposit the loan amount in a separate account. Bill payments will be made directly from that account to the contractors who have completed the road works.

As a result, work on the first phase tenders will now be expedited and more contractors are preparing to participate in the second phase tenders. The Roads and Buildings is gearing up to start work in the first week of December and complete it by May 2022, as directed by Chief Minister YS Jagan Mohan Reddy.