Beijing, September 30
The New Development Bank (NDB) of the BRICS countries has approved US $241 million loan for Mumbai metro and US $500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) project.
The two loans were approved by the NDB Board, the Shanghai-based bank set up by the BRICS (Brazil, Russia, India, China, South Africa) said in a statement.
The US $241 million loan for the Mumbai metro rail II project will be used for the purpose of implementing a metro rail line 6 with a length of about 14.47 km 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, featuring high-capacity, safe and comfortable mode of transport, it said.
Line 6 will provide much-needed rail-based connectivity between the western and eastern suburbs and will contribute towards an integrated seamless public transport network in Mumbai.
The NDB is supporting the implementation of metro lines in Mumbai with length totalling to about 58 km (line 2 and line 7) by financing of the Mumbai metro rail project approved by the NDB in November 2018, it said.
The NDB Board also approved a loan of US $500 million for the Delhi-Ghaziabad-Meerut RRTS project.
The loan would be used by the National Capital Region Transport Corporation Limited (NCRTC) for construction of a rapid rail corridor connecting the National Capital Territory of Delhi with the cities of Ghaziabad and Meerut located in the state of Uttar Pradesh. — PTI