Updated November 7th, 2020 at 12:20 IST
Germany extends funding of 545 Million Euro to MMRDA to boost infrastructure projects
The KfW, a German development bank, has extended a loan worth 545 million euro to MMRDA for infrastructure projects in Mumbai
The KfW, a German development bank, has extended a loan worth 545 million euro to Mumbai Metropolitan Region Development Authority (MMRDA) for infrastructure projects in Mumbai. The loan is in a bid to expand the mass rapid transit system of the largest metro railway network worldwide.
After a year of negotiations with the agency, the pact was signed on Friday. It is KfW’s single largest credit line to an infrastructure project in India. Furthermore, the funds will be disbursed through an agreement with the Finance Ministry of India and will be utilised to support two key mass transit projects in Mumbai.
According to sources, 255 million euros will be utilized for the purchase of rolling stock, and implementation of an integrated ticketing system. Another 90 million euros will be utilized for multimodal integration.
Reacting to this development, Maharashtra Chief Minister Uddhav Thackeray said that Lines 4 and 4A will not have any major hurdle, adding that it is more important to achieve financial closures and provide all support to project authorities.
“Though it is good to take decisions to start mega transportation projects, which are very much required in Mumbai, it is more important to achieve financial closures and provide all support to project authorities like making available the required land etc, without which projects can’t be completed. I am happy that now Lines 4 and 4A do not have any major hurdle and hope that these will be completed on time,” said Maharashtra Chief Minister Uddhav Thackeray.
Mumbai Metro Line 4, 4A
Metro Line 4 from Wadala to Kasarvadavali and Line 4A from Kasarvadavali to Gaimukh will connect the island city to the northern suburb of Thane. This is part of the Mumbai Metropolitan Region Development Authority’s plan to build a 337-km metro rail network. At present, 118 km of metro lines are in various stages of construction, while 11km is operational.
The fully elevated lines, which promises to ease the distress of millions of commuters and help provide a cleaner, less congested city, will have a total length of 34.82 km with 32 stations.
Published November 7th, 2020 at 12:20 IST