Kamal Nath to meet World Bank chief, address investors in US
In a bid to attract foreign investmment in the road sector, Road Transport and Highways Minister Kamal Nath will meet the World Bank chief and address an investors round table during his seven-day US visit beginning on Friday.business Updated: Sep 10, 2009 17:53 IST
In a bid to attract foreign investmment in the road sector, Road Transport and Highways Minister Kamal Nath will meet the World Bank chief and address an investors round table during his seven-day US visit beginning on Friday.
The ministry is also holding a road show aimed at projecting investment opportunities in the sector.
"The Transport Minister will meet the World Bank chief Robert Zoellick besides attending a round table meet with financial sector companies during his US visit which starts tomorrow. He will also address an investors round table," a government official said.
The visit is significant as the ministry is scouting investment of USD 70 billion for road construction in the next 3-4 years, out of which about USD 45 billion is expected to come from the private sector, including USD 10 billion from foreign investors.
The Ministry has envisaged mega projects in the road sector with each 500-km project costing about USD one billion, where foreign investment would be vital, the official added.
Nath had earlier participated in two road shows - one in Singapore and another in London -- after taking charge of the ministry in May.
He has announced building 7,000 km of road network every year, taking the overall target to 35,000 km in the next five years.