World Bank sanctions $375 mn for India’s first waterway

The World Bank has sanctioned a loan of USD 375 million (approximately Rs 2,421 crore) for the ambitious inland waterways project between Haldia in West Bengal and Varanasi in Uttar Pradesh.

According to an official statement, the World Bank has approved the loan of USD 375 million for capacity augmentation of National Waterway-1 (River Ganga) under the Jal Marg Vikas Project (JMVP).

The loan amount is about 45 per cent of the estimated project cost of Rs 5,369 crore.

The 1,390 kilometre waterway project of the shipping ministry would enable commercial navigation of vessels with capacity of 1,500-2,000 deadweight tonnage (DWT).

It added: “The rail and road corridors in this region are heavily saturated. Hence, the development of NW-1 would provide an alternative, viable, economical, efficient and eco-friendly mode of transport.”

Image Credit : thehindubusinessline.com

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