CENTRE, ADB SIGN 926 MILLION LOAN AGREEMENT TO OPERATIONALIZE TWO LINES OF MUMBAI METRO
- The Government and the Asian Development Bank (ADB) have signed a loan agreement of $926 Million to operationalise two lines for the Mumbai Metro Rail System.
- This is the single largest Infrastructure Project Loan in ADB history approved by the Asian Development Board.
- The loan agreement will fund the lines 2A (Dahisar to D.N. Nagar), 2B (D.N. Nagar-Bandra-Mandale), and 7 (Dahisar [East] to Andheri [East]), totalling about 58 kilometres (km).
- The agreement also involves funding for 63 six-car trains, signalling and safety systems, and establishment of a new dedicated metro operations organization to manage the entire metro network in
- The project is expected to be completed by the end of 2022. Once completed an estimated 2 million passengers per day will commute on these the two new lines. This will subsequently reduce emissions from vehicles, with carbon dioxide emissions expected to fall by about 166,000 tons a year.
Asian Development Bank:
- Asian Development Bank (ADB) established on 19 December 1966 was conceived a financial institution which was Asian in character to foster economic growth and cooperation in one of the poorest regions in the world.
- The ADB based at Manila of Philippines assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- ADB partners with member governments, independent specialists and other financial institutions to deliver projects in developing member countries to create economic and development impact.
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