World Bank, AIIB approve loan for USD 300 million projects to Punjab

The World Bank and Asian Infrastructure Investment Bank (AIIB) have approved the loan for USD 300 million (about Rs 2,190 crore) canal-based drinking water projects in Punjab. The project is aimed at ensuring quality drinking water and minimise water losses for Amritsar and Ludhiana. The entire project will be co-financed by IBRD (World Bank) – USD 105 million, Asian Infrastructure Investment Bank – USD 105 million and the Punjab government – USD 90 million.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

About the projects:

• The Infrastructure has been designed to meet the water demand for 30 years. It would benefit the residents of Amritsar with an estimated population of 14.51 lakh for 2025 and 22.11 lakh for 2055.
• At present, the Canal Based Water Supply Project for Amritsar has been awarded to M/s Larsen & Toubro Limited at a contract amount of Rs.784.33 Crore.
• The total estimated Design-Build Cost of the Ludhiana Project is Rs.1093.92 Crore and the period for completion of the same is 36 months.
• The estimated Operation & Maintenance cost is Rs.270.73 Crore for 10 years. The total amount for the project comes out to Rs.1364.65 Crore.

Important takeaways for all competitive exams:

• President of Asian Infrastructure Investment Bank: Jin Liqun.
• Headquarters of AIIB: Beijing, China.
• AIIB established: 16 January 2016.
• Punjab CM: Captain Amarinder Singh.
• Punjab Governor: V.P.Singh Badnore.

Find More Business News Here