AIIB & ADB Would Provide Rs 13,660 Crore for Construction of Four Metro Lines

AIIB & ADB Would Provide Rs 13,660 Crore for Construction of Four Metro Lines

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Date of Post : 07 July, 2017

Mumbai: AIIB (Asian Infrastructure Investment Bank) and ADB (Asian Development Bank) will be providing Rs 13,660 crore for the construction of the four Metro lines.

About the Funding:

  • MMRDA will be borrowing from the domestic lenders for the remaining Metro lines, with the state government being the Guarantor for the loans borrowed from multilateral funding agencies for the construction of Metros in the city.
  • “By becoming guarantor for our loans, the state government gets an added liability in their books. So, henceforth, for the remaining Metro lines, we will be borrowing from our domestic lenders,” said Pravin Darade, Additional Metropolitan Commissioner, MMRDA.
  • Asian Development Bank (ADB) is partially funding the construction of Lines 2A, 2B and 7 corridor, Metro 4 will be partially funded by Asian Infrastructure Investment Bank (AIIB).
  • AIIB and ADB will be providing Rs 13,660 crore for the construction of the four Metro lines.
  • And Metro 3, being implemented by Mumbai Metro Rail Corporation (MMRC), will be partially funded by Japan International Cooperation Agency (JICA).
  • MMRDA also plans to take up the construction of the Thane-Bhiwandi-Kalyan corridor (Line 5) and the Swami Samarth Nagar-Vikhroli corridor (Line 6), this year.
  • Besides, MMRDA also plans to construct an airport Metro corridor (Line 8), an extension of Line 7 to Mira-Bhayandar and another underground extension to the Santacruz Airport and an extension of the Metro 4 to the GPO.
  • For these above projects the MMRDA is now considering borrowing from domestic lenders.

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