Current Affairs - International - Discussion

India and World Bank signed a US $ 375 million loan agreement for the construction and development of Jal Marg Vikas Project (JMVP). Notably, 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). However, 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 from 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.