ISLAMABAD, Oct 31: The Asian Development Bank (ADB) has okayed a project of $150 million for the development of roads in Punjab.

The amount would be used for the upgradation and rehabilitation of provincial highways and road networks, says an ADB press release issued here on Thursday. The project was estimated to be completed by June 30, 2008.

The plan would help alleviate poverty by enabling the poor to benefit from the economic opportunities and enhancing their access to social services and stimulating economic growth.

The scheme would also help save vehicles’ operation costs and passenger time.

The economic rates of returns for the rehabilitation of the highways were estimated to be in the range of 14 to 31 per cent while 12 per cent for the rehabilitation of rural roads, the press release says.

The project has three main components. The first component focuses on rehabilitating provincial highways with a total length of 303kms; installing weighing bridges on these highways; improving road safety and axle-load-control mechanism and installing a pilot accident-reporting centre.

The second component involves rehabilitating of 1,100kms of rural access roads and improving road safety through appropriate design features and with road safety design audit.

The final component centres on the institutional uplift and capacity building support for the communications and works department of the government of Punjab through development of the existing road management system, provision of essential information technology and introduction of transfer concession and maintenance contracts.

The plan would be implemented by the established project engineering cell within the Punjab Communication and Works Department.

A steering committee would guide the implementation of the agreed policy framework and action plan for the project, the press release adds.