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INFRASTRUCTURE

3 PROJECTS IN INDIA WILL GET $562 MILLION IN WORLD IRB INFRA GETS ARBITRATION AWARD OF `419 CRORE
BANK FUNDING FROM IRB PATHANKOT AMRITSAR TOLL ROAD
The World Bank announced on Thursday (23-06-2022) that it had IRB Infrastructure Developers Ltd., India’s first multinational
authorized three loans totaling $562 million (about `4,393.70 crore) infrastructure player in the highways development sector, has
to support projects for education in Gujarat, social protection in received `308 crore towards part payment i.e., 75% of the total
Tamil Nadu, and the rehabilitation of the fisheries industry after Arbitration Award from the National Highway Authority of India
the epidemic. The Outcomes for Accelerated Learning (GOAL) (NHAI).
initiative, which aims to enhance educational outcomes for Earlier, pursuant to the measures approved by the Cabinet
kids throughout the state of Gujarat, received extra funding of Committee on Economic Affairs (CCEA) for revival of construction
$250 million from the World Bank Board of Executive Directors, sector, it had directed the Government Agencies to pay 75%
according to a statement. An extra 3,000 schools that have been of Arbitral Award amount against the Bank Guarantee where
disproportionately impacted by the Covid-19 epidemic will benefit Government Agencies have challenged the Arbitral Award.
from the funding for GOAL. Additionally, the World Bank’s board of To re-iterate, in July 2021, the IRB Pathankot Amritsar Toll Road Ltd.
executive directors approved funding of $162 million for the RIGHTS (IPTRL) had won the arbitration award of 518 days extension in
project to strengthen the social protection systems and capacity Concession period and `419 crore (including Interest) towards the
of the State of Tamil Nadu to promote inclusion, accessibility, and delay in completion of the construction of the project on account
opportunities for people with disabilities as well as $150 million of the reasons not attributable to the Company.
to support the recovery of India’s fisheries sector. According The NHAI had challenged the decision before Delhi High Court.
to the international finance agency, the Covid-19 epidemic The Hon’ble Delhi High Court, while upholding the Arbitral Tribunal’s
caused losses in the fishing sector of almost $5.5 billion and a decision, had directed the NHAI to release 75% of the arbitration
drop in fish output of about 40% in only one year in 2020–21. award to the Company.
The initial loan of $500 million, which was authorized in March
2021, is supplemented by GOAL project finance. According to the POWER GRID CORP DECLARED SUCCESSFUL BIDDER
World Bank, it is in accordance with the Bank’s Rapid Response UNDER TBCB
Framework, which aims to reach every child and keep them in
school, routinely assess learners’ skill levels, give priority to teaching
the fundamentals, and boost catch-up learning.
It also strives to promote the mental well-being of both instructors
and pupils. According to Shabnam Sinha, Lead Education
Specialist and Task Team Leader for the project, “This extra funding
will scale up the coverage of the original program from a total of
9,000 to 12,000 schools, while also supporting new initiatives to
assess the success of the program’s activities.”
According to the World Bank, the fishing industry in India today
directly employs roughly 12 million people and supports another 13
million through related businesses through a loan of $150 million.
The Pradhan Mantri Matsya Sampada Yojana, which intends
to modernize the industry in a sustainable way by introducing
contemporary methods, expanding access to financing, and
making it more climate-resilient, will be complemented by the Power Grid Corporation of India Limited has been declared as
Fisheries Sector COVID-19 Recovery Project. the successful bidder under Tariff based competitive bidding to
Due to a lack of finance and credit options as well as beliefs establish Inter-State transmission system for “Transmission System
that the industry is high-risk, incentives for more private investment for Evacuation of Power from Neemuch SEZ” on build, own operate
in India’s fisheries sector have been restricted. By connecting and transfer (BOOT) basis.
them with government programs that offer financial assistance Further, the project comprises establishment of two 400kV
to farmers, such as the Kisan Credit Card and the Micro Units DIC Transmission lines passing through the states of Rajasthan
Development and Refinance Agency Limited, the project would and Madhya Pradesh, a New 400/220kV Pooling Substation at
assist small businesses in getting access to operating money. Neemuch (Madhya Pradesh) and 400kV bay extension works.

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