MoPSW informed expenditure on NW1 Development Project

NEW DELHI : Studies related to environmental social impact evaluation and market development strategy have been conducted for National Waterway-1. These include Environment & Social Impact Assessment (ESA) and formulation of Environment Management Plan (EMP) and a Resettlement Action Plan (RAP) as part of the overall capacity augmentation on NW-1. These studies were done in association with reputed agencies and were completed in 2016.

(b)   The total expenditure incurred under Capacity Augmentation of the National Waterway-1 (Jal Marg Vikas) Project as on 30^th June, 2021 is Rs. 1885.98 crore.

(c)   For Capacity Augmentation of the National Waterway-1 (Haldia-Varanasi stretch), technical assistance and financial support of International Bank for Reconstruction and Development (IBRD)/ The World Bank has been taken.

(d)   The loan agreement has been signed between Government of India and International Bank for Reconstruction and Development (IBRD)/ The World Bank.   The conditions of the said loan/ assistance are as follow:-

• As per the loan agreement, the amount of USD 375,000,000 was agreed to lend to assist in financing the project.
• The front-end fee payable shall be equal to one quarter of one percent (0.25%) of loan amount.
• Commitment charges shall be equal to one quarter of one percent (0.25%) per annum on the unwithdrawn loan balance.
• The interest payable shall be at a rate equal to the reference rate for the loan currency plus the variable spread provided.   However, the interest payable shall in no event be less than zero percent per annum.
• Payment dates are January 1 and July 1 each year.
• The principal payment date is beginning from July 1, 2024 to January 1, 2034 with an instalment share of 5 percent.
• The loan amount has been revised to USD 317,220,000 after cancelling of USD 57,780,000 in September, 2020.

This information was given by Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal in a written reply in Lok Sabha on Thursday.

Source : PIB