World Bank approves loan for developing National Waterway-1

World Bank Approves $ 375 Million Loan for Developing National Waterway-1

Question- Recently, how many millions of dollar of loan sanctioned by the World Bank to develop National Waterway-1?
(A) $ 275 million
(B) $ 300 million
(C) $ 375 million
(D) $ 425 million
Ans: (c)
Related facts:-

  • On April 21, 2017; according to a release issued by the shipping ministry, the World Bank approved a loan of $ 375 million to develop National Waterway-1.
  • It is notable that the central government is developing National Waterway-1 (Gangetic) at a cost of Rs 5369 crore to develop waterway project for 1390 kms from Haldia (West Bengal) to Varanasi (UP).
  • Technical and financial assistance from World Bank is being taken to complete the project.
  • This project will enable commercial navigation of vessels with capacity of 1500-2000 dwt.
  • Under the project, 3 multi-dimensional terminals will be set up in Varanasi (UP) Sahibganj (Jharkhand), and Haldia (West Bengal).
  • On the other hand, two inter-model terminals at Kalughat and Ghazipur, five Being roll off and roll on terminal (RO-RO), and development of Varanasi Patna, Bhagalpur, Munger, Kolkata and Haldia boat service and vessel repair and maintenance facilities will be done.
  • In addition to this, this project will enable Indian Inland Waterways Authority to establish Ganga information service system for NW-1 for the first time in India.
  • River Information System is the equipment, hardware and software based information technology related services, designed to adapt traffic and transport processes in inland shipping.
  • National Waterway-1 is the waterway of national importance which passes through Uttar Pradesh, Bihar, Jharkhand and West Bengal.
  • It passes through major cities of Allahabad, Varanasi, Ghazipur, Bhagalpur, Patna, Howrah, Haldia and Kolkata and contributes to meeting the industrial needs of the adjoining areas.
  • It is important that the Board of World Bank approved this loan in a meeting held on April 12, 2017.

Related Links:-
http://pib.nic.in/newsite/hindirelease.aspx?relid=60543
http://www.worldbank.org/en/news/press-release/2017/04/12/world-bank-approves-usd375-million-help-india-develop-its-first-modern-waterway
http://pib.nic.in/newsite/PrintRelease.aspx?relid=161196