The World Bank board approved a loan of Rs 24.23 billion ($375 million) for capacity augmentation of National Waterway (NW)-1 on April 12, 2017. The loan will be provided by the International Bank for Reconstruction and Development and will have a grace period of seven years and a maturity of 17 years. The loan will be used to finance the construction of six multimodal terminals, 10 roll-on, roll-off jetties, ship-repair facilities as well as passenger jetties along the Ganga river. It will also help modernise the ageing Farakka lock and add a new lock for smooth passage of boats. NW-1 is being developed as a part of the Jal Marg Vikas Project, being funded by the World Bank.