Multilateral funding agency Asian Development Bank (ADB) today committed USD 120 million loan for completion of works for double-tracking and electrification of railways tracks along high-density corridors to improve operational efficiency of Indian railways.
The tranche 3 loan is part of the USD 500 million multi-tranche financing facility for Railway Sector Investment Programme approved by the ADB Board in 2011, an official statement said.
The loan amount will be used to complete the ongoing works commenced under earlier tranches, it said.
The project is aimed at enhancing the efficiency of the rail infrastructure through electrification, introduction of modern signalling system, and doubling rail tracks on key routes in the country, it said.
The programme will help to develop an energy-efficient, safe, and reliable railway system that will result in reduced travel time along project rail routes and improved operational and financial efficiency, it added.
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