India’s road transport and highways ministry is seeking a $2.96bn loan from the World Bank for highway constructions in the country.

The money would be used to develop a 5,937km highway network passing through 14 states in the country.

The loan would cover 70% of the total cost of the planned 6,376km of road networks over the next few years.

The remainder of the project would be funded by the government, who has set a target to invest $70bn in the road sector by the end of 2012.