Home » News » Infrastructure » Inland Waterways Authority of India signs project agreement with the World Bank for Jal Marg Vikas Project on Ganga World Bank enters into US $ 375 million loan agreement with DEA

Inland Waterways Authority of India signs project agreement with the World Bank for Jal Marg Vikas Project on Ganga World Bank enters into US $ 375 million loan agreement with DEA

Inland Waterways Authority of India (IWAI) signed a project agreement with the World Bank today, even as the latter entered into a US $ 375 million loan agreement with the Department of Economic Affairs, Ministry of Finance for Jal Marg Vikas Project (JMVP).The signing of the Agreement  follows the approval of  the Cabinet Committee on Economic Affairs, for the implementation of the US $ 800 million JMVP for capacity augmentation of navigation on National Waterway-1(River Ganga) from Varanasi to Haldia. Out of the remaining amount, US $ 380 million is to be sourced through the Government of India counterpart funds from budgetary allocation and proceeds from the bond issue. Another US $ 45 million will come from private sector participation under the PPP mode.

The JMVP, which is expected to be completed by March, 2023, is being implemented with the financial and technical support of the World Bank. The project will enable commercial navigation of vessels with the capacity of 1500-2,000 tons on NW-I.

The development and operations of the National Waterway-1 project will lead to direct employment generation to the tune of 46,000 and indirect employment of 84,000 in the states of Uttar Pradesh, Bihar, Jharkhand, West Bengal. The project includes development of fairway, Multi-Modal Terminals at Varanasi, Haldia and Sahibganj, strengthening the river navigation system, conservancy works, modern River Information System (RIS), Digital Global Positioning System (DGPS), night navigation facilities, modern methods of channel marking, construction of a new state-of-the-art navigational lock at Farakka etc.

The JMVP will result in an environment-friendly, fuel-efficient and cost-effective alternative mode of transportation, especially for bulk goods, hazardous goods and over-dimensional cargo. The National Waterway-1 along with proposed Eastern Dedicated Freight Corridor and National Highway-2, constitutes the Eastern Transport Corridor of India connecting the National Capital Region (NCR) with the eastern and north-eastern states and will function as a link to Bangladesh, Myanmar, Thailand, Nepal and other east and south-east Asian countries through the Kolkata Port and Indo- Bangladesh Protocol Route.

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Government Blocks 118 Mobile Apps Which are Prejudicial to Sovereignty and Integrity of India, Defence of India, Security of State and Public Order

The Ministry of Electronics and Information Technology, Government of India invoking it’s power under section ...

India will play a leading role in the future global political framework in terms of economy and Disaster Risk Management:Nityanand Rai

  The Union Minister of State for Home Affairs, Shri Nityanand Rai has said that ...

Ministry of Shipping has facilitated more than 1 lakh crew change in Indian ports and charted flights

Ministry of Shipping has facilitated more than 1,00,000 crew change on Indian ports and through ...

Structural Reforms are a Key Priority of the Government: Finance Minister

Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. ...

Government of India and AIIB sign agreement for $500 million to improve the network capacity, service quality and safety of the suburban railway system in Mumbai

The Government of India, the Government of Maharashtra, Mumbai Railway Vikas Corporation and the Asian ...

DRDO identifies 108 Systems and Subsystems for industry to design, develop and manufacture towards achieving “Atmanirbhar Bharat”

Responding to the clarion call given by Hon’ble Prime Minister for “Atmanirbhar Bharat”, the Defence ...

Tax system aims to be Seamless, Painless, Faceless : PM

Prime Minister Shri Narendra Modi launched a platform for “Transparent Taxation – Honouring the Honest” ...

DAC approves procurement proposals worth Rs 8,722.38 crore, including 106 Basic Trainer Aircraft for IAF

To strengthen the Armed Forces by relying on indigenous capability to take forward the initiative ...

Finance Minister launches an Online Dashboard for the National Infrastructure Pipeline

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman inaugurated the National Infrastructure Pipeline ...

It is time for the Indian industry to stand up as one and ensure we get a level playing field: Shri Goyal

Shri Piyush Goyal, Ministry of Commerce & Industry today inaugurated first edition of five day ...

WP2Social Auto Publish Powered By : XYZScripts.com