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Gadkari urges private players to develop social bonds to fund ‘zero fatality roads’ | India News

NEW DELHI: Union road transport minister Nitin Gadkari on Monday asked private sector entities to come forward for the development of social bonds for funding road safety projects in the country. He said the corpus generated through the social contribution can be used to finance projects such as 100 zero fatality corridors in India.
Social bonds are the use of proceed bonds that raise funds for new and existing projects with positive social outcomes.
Gadkari made this observation while addressing a virtual workshop organized by the World Bank on “Private financing for road safety”. “The idea presented to me of private capital mobilisation through social bonds, sustainability-linked bonds and pooling of CSR funds can be widely used for road safety improvement efforts…I urge all private sector entities to pro-actively come forward for the development of social bonds,” he said.
Gadkari said the first Zero Fatality stretch.
Gadkari said although insurance companies are direct beneficiaries of a saved life, they have made hardly any contribution to the cause in India. He said there is a huge scope of improvement in approving claims and providing support to families of the victims.

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