Govt and ADB sign loan agreement for Mumbai Metro Rail Project
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.
About the Project
- 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.
From 31 members during its inception in 1966, ADB has grown to encompass 67 members of which 48 hail from within Asia and Pacific and 19 developed countries are from outside.
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Month: Current Affairs - March, 2019