Giving a fillip to Prime Minister Narendra Modi’s vision to boost rail and road infrastructure, the Dedicated Freight Corridor Corporation of India (DFCCIl) and World Bank on Friday signed a loan agreement of US $1,100 million for the second phase for construction of 393 km long electrified double line between Mughalsarai-Bhaupur section of Eastern Dedicated Freight Corridor.
The agreement was signed by MK Mittal, Director/ Finance, DFCCIl, Tarun Bajaj, Joint secretary (MI) Government of India and Onno Ruhl, Country director, World Bank in the presence of Adesh Sharma, MD, DFCCIl. Senior railway ministry officials were also present on the occasion. The World Bank has agreed in principle to part finance the Eastern Corridor project from Mughalsarai to ludhiana, which has been divided into three phases. "The total in principle loan commitment is US$ 2.725 billion, out of which the loan for the first phase EDFC-I amounting US$ 975 million was sanctioned in May, 2011 and the loan agreement was signed in October, 2011. With signing of this agreement total amount of loan signed will be amounting to US $ 2075 million," said a DFCCIl official.