Indian rail project to get $650 million from WB

New-Delhi, July-2 The World Bank on Wednesday said it had cleared a $650 million loan for a huge Indian freight rail corridor that will span 1,840 kms (1,140 miles) across the northern heartland of the country. The Eastern Corridor is 1,840 km long and extends from Ludhiana to Kolkata.

The loan is the third from the World Bank to help fund the freight corridor. Last year the bank approved a $1.1 billion outlay and in 2011 $975 million.

Construction of the Eastern Dedicated Freight Corridor will help speed up the carrying of goods between Ludhiana in the west of India and Kolkata in the east, and is part of a series of new freight lines the World Bank says India needs to ease congestion on its network. — Reuters