IWAI signs agreement for JMVP implementation

The Inland Waterways Authority of India (IWAI) has signed an agreement worth Rs 24.14 billion ($375 million) with the World Bank for the implementation of the Jal Marg Vikas Project (JMVP). Following this, the World Bank entered into a loan agreement with the Department of External Affairs, Ministry of Finance, for project implementation. The signing of the two agreements comes in response to the Cabinet Committee on Economic Affairs’ approval for project implementation. Of the total project cost of Rs 51.5 billion ($800 million), Rs 24.46 billion ($380 million) is to be sourced through Government of India counterpart funds from budgetary allocations and proceeds from the bond issue and the remaining Rs 2.9 billion ($45 million) will be sourced through private sector participation under the PPP mode. The JMVP, which is scheduled to be completed by March 2023, involves capacity augmentation of National Waterway (NW)-1 (Ganga river) from Varanasi to Haldia.