Inland Waterways Authority of India (IWAI) today inked pact with the World Bank for Jal Marg Vikas Project to enhance navigation on National Waterway-1 from Varanasi to Haldia, the government said today.
"IWAI signed a project agreement with the World Bank today, even as the latter entered into a USD 375 million loan agreement with the Department of Economic Affairs, Ministry of Finance for Jal Marg Vikas Project (JMVP)," Ministry of Shipping said in a statement.
The signing of the pact follows the Cabinet nod for implementation of the USD 800 million JMVP for capacity augmentation of navigation on National Waterway-1 (River Ganga) from Varanasi to Haldia, the statement said.
It said out of the remaining amount, USD 380 million will be sourced through the Centre counterpart funds from budgetary allocation and proceeds from the bond issue.
Another USD 45 million will be raised from private sector participation under the PPP mode, the statement said.
The JMVP, which is expected to be completed by March, 2023, is being implemented with the financial and technical support of the World Bank.
The project will enable commercial navigation of vessels with the capacity of 1,500-2,000 tonne on NW-I.
"The development and operations of the National Waterway-1 project will lead to direct employment generation to the tune of 46,000 and indirect employment of 84,000 in the states of Uttar Pradesh, Bihar, Jharkhand, West Bengal," the statement said.
The project includes development of fairway, multi-modal terminals at Varanasi, Haldia and Sahibganj, strengthening the river navigation system, conservancy works, modern river information system (RIS), digital global positioning system (DGPS), night navigation facilities, modern methods of channel marking and construction of a state-of-the-art navigational lock at Farakka etc.
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