India, World Bank sign $9.2 billion agreement for efficient bus service
India on Tuesday signed a $9.2-million grant agreement with the World Bank for the `Efficient and Sustainable City Bus Service Project` aimed at improving the efficiency of the transport and reduce greenhouse gas emissions.
"An agreement for Global Environmental Facility (GEF) grant of $9.20 million with the World Bank for `Efficient and Sustainable City Bus Service Project` was signed here on Tuesday," Finance Ministry said in a statement.
The International Bank for Reconstruction and Development (IBRD) will be the implementing agency of the GEF for the project.
The total cost of the programme is $113 million, out of which $9.2 million will come as a grant from the World Bank and $103.07 million will be funded by the Centre, state and city governments for the funding of buses and ancillary infrastructure, the statement said.
The project's objective is to improve the efficiency and attractiveness of city bus transport and reduce greenhouse gas emissions in the demonstration cities of Bhopal, Chandigarh, Jaipur and Mira Bhayandar municipality in the Thane district of Maharashtra, it added.