In the first phase, around 1,500 km of roads will be taken up for improvement — 750 km under AIIB funding and 750 km under NDB funding. (Express file photo)The Maharashtra Cabinet on Tuesday approved road projects worth more than ₹31,000 crore, including plans to improve around 1,500 km of major roads and up to 6,000 km of rural roads with financial assistance from international lending agencies.The Cabinet approved the Maharashtra Road Improvement Project, under which the state will receive financial assistance from the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB). The two institutions will provide assistance of USD 1 billion each in two phases, taking the total cost of the programme to around ₹24,884 crore.In the first phase, around 1,500 km of roads will be taken up for improvement — 750 km under AIIB funding and 750 km under NDB funding. The government said priority would be given to roads in key economic corridors with heavy traffic and a high share of commercial vehicles.According to the government, the roads will be upgraded over a period of three years. The state will initially bear the project cost, which will later be reimbursed by the lending agencies.Must Read | Maharashtra approves four highways across 547 km in Vidarbha. Here’s what gets built and by whenThe Cabinet also approved ₹6,429 crore for Mukhyamantri Gram Sadak Yojana Phase III. The programme will be implemented with financial assistance from AIIB and will cover around 3,500 km of rural roads and bridges.The project will receive a loan of about ₹4,500 crore from AIIB, while the state government will contribute around ₹1,929 crore.The Cabinet also approved taking up an additional 2,500 km of rural roads through state funding, taking the total length of rural roads planned under the programme to around 6,000 km.Story continues below this adOfficials said the rural roads project is expected to improve connectivity to villages, markets, schools and healthcare facilities, while helping farmers transport agricultural produce more easily.The AIIB loan for the rural roads programme will be repaid over 25 years, including a five-year grace period, according to the Cabinet decision.