World Bank signs $ 975 mn loan agreement for Eastern Dedicated Freight Corridor Project

ET reported that the World Bank has signed a US$ 975 million loan agreement with the Indian government to set-up the Eastern Dedicated Freight Corridor that will help faster and more efficient movement of raw materials and finished goods between the Northern and Eastern parts of India.

World Bank financing will cover a route length of 1,130 kilometers (out of a total corridor length of 1,839 kilometers) and will be provided in three phases. The Project signed today will finance the first phase for the 343 kilometer section.

Unlike the existing rail network, which runs on a combination of diesel and electrical locomotives, the proposed DFC corridor will operate entirely through electric locomotives, thereby further reducing greenhouse gas emissions.

Source: ET