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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