World Bank nod to $1,100 million loan for rail corridor
Quotes

World Bank nod to $1,100 million loan for rail corridor

Last Updated: Wednesday, April 23, 2014, 19:18
 
 Comment 0
 
World Bank nod to $1,100 million loan for rail corridor
New Delhi: The World Bank has sanctioned a loan of USD 1,100 million for construction of 393 km long double line between Mughalsarai-Bhaupur section of Eastern Dedicated Freight Corridor project.

The World Bank Board in a meeting held at Washington on April 22 sanctioned the second phase loan of USD 1,100 million for construction of electrified double line between Mughalsarai-Bhaupur section of Eastern DFC after completion of the process of project appraisal and loan negotiations, said a senior DFCC official.

The loan agreement for the second phase is expected to be signed in June 2014.

World Bank has agreed in principle to partly finance the Eastern Corridor project from Mughalsarai to Ludhiana, which has been divided into 3 phases.

The total loan commitment is USD 2.725 billion, out of which the loan for the first phase was to the tune of USD 975 million. It was sanctioned in May, 2011 and the loan agreement was signed in October, 2011.

Dedicated Freight Corridor Corporation, a special purpose vehicle (SPV), is engaged in planning, construction, operation and maintenance of the dedicated freight corridors and in the first phase, the two corridors, namely, Eastern Corridor from Ludhiana to Dankuni (1839 kms) and the Western Corridor from Dadri to Jawaharlal Nehru Port (JNPT) (1499 kms) are being constructed.

The entire Western Corridor is being funded by Japan International Cooperation Agency (JICA), while the Eastern Corridor from Mughalsarai to Ludhiana is being funded by the World Bank.



PTI

First Published: Wednesday, April 23, 2014, 19:18


Comments


comments powered by Disqus
Hyundai 4S Fluidic Verna
Hyundai 4S Fluidic Verna
Top 5 anticipated luxury cars of 2015
Top 5 anticipated luxury cars of 2015
Top 5 anticipated smartphones of 2015
Top 5 anticipated smartphones of 2015
World Economic Forum 2015
World Economic Forum 2015
G20 Summit 2014
G20 Summit 2014

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved