BRICS Bank Approves Loans for Mumbai Metro and Delhi-Ghaziabad-Meerut Rapid Train

New BRICS Development Bank approved two loans for Mumbai Metro and RRTS Delhi-Meerut

New Delhi:

The BRICS New Development Bank (NDB) approved a loan of USD 241 million for the Mumbai metro and USD 500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) project.

The two loans were approved by the board of directors of the NDB, said in a statement the bank based in Shanghai and created by the BRICS (Brazil, Russia, India, China, South Africa).

The $ 241 million loan for the Mumbai Metro Rail II project will be used to implement an approximately 14.47 km long metro rail line 6 in the city of Mumbai.

The Mumbai Metro Rail II project aims to improve Mumbai’s transport and traffic conditions by providing a modern metro system with high-capacity, safe and comfortable mode of transport, he said.

Line 6 will provide much needed rail connectivity between the western and eastern suburbs, and will contribute to an integrated and seamless public transport network in Mumbai.

The project will be implemented by the Mumbai Metropolitan Region Development Authority.

The NDB is supporting the implementation of metro lines in Mumbai with a total length of approximately 58 km (Line 2 and Line 7) by funding the Mumbai metro rail project approved by the NDB in November 2018, has t -he declares.

The NDB Board of Directors also approved a loan of USD 500 million for the RRTS Delhi-Ghaziabad-Meerut project.

The loan would be used by the National Capital Region Transport Corporation Limited (NCRTC) for the construction of a rapid rail corridor connecting the territory of the national capital of Delhi to the cities of Ghaziabad and Meerut located in the state of Uttar Pradesh.

The RRTS will have a total length of 82.15 km (68.03 km in height and 14.12 km underground) with 25 stations.

It will have a design speed of 180 km per hour, a maximum operating speed of 160 km per hour and high frequency operations, which will reduce the travel time from Delhi to Meerut to 60 minutes.

The project will develop an efficient and sustainable regional transport system and reduce congestion in Delhi, providing people with the option of settling in surrounding cities and being able to get to Delhi via a fast, reliable, safe public transport system. and comfortable, he said.

The NDB was established with an initial authorized capital of USD 100 billion by the BRICS countries in 2014. It was officially opened in Shanghai in 2015. Since then, it has been funding green infrastructure projects in the five countries.

The NDB also approved a 100 million euro loan to the Black Sea Trade and Development Bank (BSTDB) for the development of the Russian water transport sector and a two-stage loan of 100 million dollars to the Eurasian Development Bank (EDB) for the toll. Road program in Russia and USD 100 million to the Eurasian Development Bank for the water supply and sanitation program in Russia.

(Except for the title, this story was not edited by NDTV staff and is posted from a syndicated feed.)

Source link

About Mariel Baker

Check Also

Ottawa provides $ 13.8 million loan for PEI housing project.

A 60-unit apartment building already under construction is receiving a low-cost construction loan of almost …