New Delhi: In a major achievemenet, India
Signs Guarantee Agreement with the World Bank For IBRD direct lending of US$
650 million to the Dedicated Freight Corridor Corporation of India Ltd.
(DFCCIL) for Eastern Dedicated Freight Corridor-III (EDFC-III) Project
A Guarantee Agreement for World Bank
(IBRD) lending of US$ 650 million to the Dedicated Freight Corridor Corporation
of India Ltd. (DFCCIL) for Eastern Dedicated Freight Corridor-III (EDFC-III)
Project has been signed between the Government of India and the World Bank here
today in the national capital.
This Agreement was signed by Shri Raj
Kumar, Joint Secretary (MI), Department of Economic Affairs, Ministry of
Finance on behalf of the Government of India and Mr. Hisham Abdo, Acting
Country Director, World Bank, India on behalf of the World Bank.
The objective of the EDFC-III Project is
to augment rail transport capacity, improve service quality and enhance freight
carriage throughput on the 401 km Ludhiana-Khurja section of the Eastern
Dedicated Freight Corridor; and develop institutional capacity of DFCCIL to
build, maintain and operate the entire DFC network.
This project is in continuation of Phase-I and
II of the EDFC Projects being implemented by the DFCCIL with the World Bank
loan of US$ 975 million and US$ 1100 million respectively on the
Dadri-Khurja-Kanpur; and Kanpur-Mughal Sarai stretches of the Eastern Rail
Corridor (Ludhiana-Delhi-Kolkata).
The project will directly benefit the
power and heavy manufacturing industries of Northern and Eastern India, which
rely on railway network for transportation of their material inputs and also
for the distribution of bulk processed and semi-processed commodities and
consumer goods. Railway passengers will also be benefitted through decongestion
of the existing passenger lines.
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