The Union Cabinet on Wednesday gave its nod to Inland Waterways Authority of India (IWAI) for raising Rs. 660 crore in bonds for extra budgetary resources in 2017-18.
“The proceeds from the bonds will be utilised by IWAI for development and maintenance of National Waterways (NWs) under National Waterways Act, 2016 (effective from 12.4.2016),” an official statement said. “Funds received through issue of bonds will be used exclusively for capital expenditure to improve infrastructure funding,” it said. The IWAI mayget Rs. 857 crore in loan from World Bank for its Jal Marg Vikas Project.