The original loan of $400 million for the National Highway Corridor (Sector) I Project was approved by ADB in December 2003. The scope of the Project consists of: (i) Highway Investment Component : widening and upgrading of 595 km of national highway stretch along east west corridor from Chittorgarh -Orai, passing throgh Rajasthan, MP and UP; (ii) Private Sector Participation Component: widening and upgrading of 62 km national highway section from Orai-Bara through private sector participation (PSP); (iii) Road Safety Component; and (iv) HIV/AIDS and Human Trafficking Awareness Component.
The Project experienced substantial cost overruns mainly due to underestimation of cost of noncore subprojects, price escalation of construction materials and the financing gap caused by the local currency appreciation.
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