IRSDC ENTERS INTO TRIPARTITE PACT WITH FRENCH RAILWAYS, AGENCY
GS 3 : Economy – Infrastructure’
Why in News?
The Indian Railway Station Development Corporation (IRSDC), has entered in a Tripartite Agreement with French Railways (SNCF) and AFD, a French Development Agency.
- IRSDC has signed an agreement with French Railways for under which the latter will provide up to 7 lakh euros for railway station development in India.
- A Special Purpose Vehicle (SPV) under the Ministry of Railways – the Indian Railway Station Development Corporation (IRSDC), has entered in a Tripartite Agreement with French Railways (SNCF) and AFD, a French Development Agency.
- Under this agreement, AFD has agreed to support capacity building for the railway station development program in India by providing in-kind grant financing up to 7,00,000 EURO, through French National Railways (SNCF)-Hubs as well as Connexions as a Technical Partner to the corporation.
- This move will not impose any financial liability on Indian Railways or IRSDC. IRSDC is responsible for developing and redeveloping the existing and new railway stations across India.
- The IRSDC has been tasked to transform many railway stations into airport-like hubs of world-class standard. Currently, the redevelopment is being carried out at Habibganj and Gandhi Nagar railway stations.
- Besides, Indian Railways is also redeveloping and beautifying various other railway stations. Some of the stations, which were recently given a new makeover include Mathura Junction, New Delhi railway station, Haridwar Junction, Agra Cantt., Lonavala station, Patna Junction, Jaipur Junction among others. This financial year, Indian Railways aims to redevelop 68 railway stations in total