Which of the following financial institutions has decided to provide $88 million loan pact for Assam Inland Water Transport Project ? (Jan 2020)

The correct answer is option 2, i.e. the World Bank (WB) . The Government of India, the Government of Assam and the World Bank signed a loan agreement of $88 million to help modernize Assam’s passenger ferry sector that runs on its rivers including the mighty Brahmaputra. Loan of $88 million from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 14.5 years including a grace period of five years. The Assam Inland Water Transport Project (AIWTP) will help Assam improve the passenger ferry infrastructure and its services and strengthen the capacity of the institutions running the inland water transport. Assam has the largest network of navigable waterways in India. The Assam Shipping Company (ASC) will operate the government ferries and the Assam Ports Company (APC) will provide terminals and terminal services on a common-user basis to both public and private ferry operators. About the World Bank Group Headoffice: Washington, D.C., USA Founded: 1944 (Bretton Woods conference) The World Bank Group comprises five institutions managed by their member countries. Together, the International Bank for Reconstruction and Development ( IBRD ) and International Development Agency ( IDA ) form the World Bank, which provides financing, policy advice, and technical assistance to governments of developing countries. IDA focuses on the world’s poorest countries , while IBRD assists middle-income and creditworthy poorer countries . International Finance Corporation ( IFC ), Multilateral Investment Guarantee Agency ( MIGA ), and International Centre for Settlement of Investment Disputes ( ICSID ) focus on strengthening the private sector in developing countries. President, World Bank Group: David Malpass About Assam Capital: Dispur Governor: Prof. Jagdish Mukhi Chief Minister: Sarbananda Sonowal