World Bank clears $650 million loan for Indian Railways


New Delhi: The World Bank on Wednesday said that it had cleared a $650 million loan for a huge Indian freight rail corridor while will span 1,840 kms across the North India.

Construction of the Eastern Freight Corridor will help in speeding up ferrying of goods between Ludhiana and Kolkata, and is part of a series of new freight lines which the according to the World Bank India needs to ease congestion on its network.

“The Indian Railways urgently needs to add freight routes to meet the growing freight traffic in India, which is projected to increase more than 7 percent annually,” Ben L. J. Eijbergen, the Task Team Leader for the project, said in a statement.
This is the third loan from the World Bank to help in funding the corridor.