World Bank approves $245 million loan for railway logistics project
Tags: National News
The World Bank has approved a loan of USD 245 million to support the Railway Logistics Project.
The loan will support India's efforts to modernise rail freight and logistics infrastructure.
Railways are losing market share to trucks over time. The market share was 32 per cent in 2017-18, compared to 52 per cent a decade ago.
Railway Logistics Project
The Railway Logistics Project will help India move more traffic from road to rail.
This will make freight and passenger transport more efficient.
It will also reduce greenhouse gas emissions (GHG) by millions of tonnes every year.
The project will also focus on harnessing commercial financing by developing a customer-oriented approach and involving the private sector.
This will help strengthen the institutional capacity of the Dedicated Freight Corridor Corporation of India Limited (DFCCIL).
Freight transport through railways
Indian Railways is the fourth largest rail network in the world.
It has transported 1.2 billion tonnes of freight in the financial year 2019-2020.
71 percent of India's goods are transported by road, while 17 percent is transported by rail.
About World Bank
The International Bank for Reconstruction and Development and the International Monetary Fund were established together in 1944 during the Bretton Woods Conference in New Hampshire, USA.
The International Bank for Reconstruction and Development is also called the World Bank.
At present, 189 countries are members of the World Bank.
Its headquarter is in Washington DC, the capital of America.
President– David Malpass
CEO- Anshula Kant
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