World Bank loan

India has signed a US$650 million guaranteed agreement for the Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) for Eastern Dedicated Freight Corridor-III (EDFC-III) Project.

It was signed on October 21 2016 in New Delhi with the World Bank’s International Bank of Reconstruction and Development (IBRD), according to a government press release.

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$1,100 million respectively on the Dadri-Khurja-Kanpur; and Kanpur-Mughal Sarai stretches of the Eastern Rail Corridor (Ludhiana-Delhi-Kolkata).

The agreement was signed by Raj Kumar, Joint Secretary (MI), Department of Economic Affairs, Ministry of Finance on behalf of the Indian government, and Hisham Abdo, Acting Country Director, World Bank, India on behalf of the World Bank. fii-news.com