Focus: Prelims- What is the project and who are the stakeholders
Mains- Government efforts towards better the condition of people
Why in news?
World Bank and Government of India Sign $88 million loan agreement for the implementation of Assam Inland Water Transport Project
Details
- To help modernize Assam’s passenger ferry sector that runs on its rivers including the mighty Brahmaputra
- The Assam Inland Water Transport Project (AIWTP) will help Assam improve the passenger ferry infrastructure and its services and strengthen the capacity of the institutions running the inland water transport.
- The project will support the Government of Assam’s efforts to corporatise its own ferry activities
- The project will draw guidance from ‘working with nature’ principles that aim to design new infrastructure or rehabilitate existing infrastructure in a way that works with natural river processes
- Loan of $88 million from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14.5 years including a grace period of five years
Background
- The World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
- The Bank Group works with country governments, the private sector, civil society organizations, regional development banks, think tanks, and other international institutions on issues ranging from climate change, conflict, and food security to education, agriculture, finance, and trade.
- The International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) form the World Bank.
- The World Bank provides financing, policy advice, and technical assistance to governments of developing countries.
