Mumbai, Oct 29 : The government plans to execute mega road projects worth Rs. 5,000 crore with new guidelines, Road Transport Minister Kamal Nath said here Thursday.

Addressing a seminar here on India-United Arab Emirates (UAE) trade and investments, Kamal Nath said his ministry would issue the new specifications for road projects in 10 days.

The government is "looking at mega road projects worth $1bn (nearly Rs. 5,000 crore), each with a length 500 to 600 km, which would ensure best of technology and management practices," he said.

While 2,000 km of roads have already been constructed this year, the target of 3,000 km was well within the reach, Kamal Nath said.

He said the country would need foreign investments worth $40 billion through debt, equity and pension funds for various road projects.

The financing of road projects would not pose a problem since India is a credible investment destination with a stable government, the minister said.

Moreover, traffic risks, which affect the revenue generation capacity of road projects in most parts of the world, is not a major factor in India, he added.

The National Highways Authority of India (NHAI) would meet Saturday to award several pending road projects to successful bidders.(IANS)