The New Development Bank (NDB)’s Board of Directors on Tuesday approved two loan proposals for lending $241 million for the under construction Mumbai Metro’s 15 km Line-6 (Pink Line) and $500 million for the 82.15 km Delhi-Meerut Regional Rapid Transit System (RRTS) Project.
The loans were approved in a virtual meeting during the bank’s 28th board meeting – view press release here.
Mumbai Metro Rail II (Line 6) Project
This project’s loan concept was approved on February 6 2020, and NDB will be funding the systems components (rolling stock, signalling etc.) of this line which will connect Swami Samarth Nagar (Lokhandwala) – JVLR – SEEPZ – Powai – Vikhroli/Kanjurmarg through 13 stations.
The NDB Board approved a loan of USD 241 million to the Republic of India for Mumbai Metro Rail II (Line 6) Project. The loan will be used by the Government of India for on-lending to the Government of the State of Maharashtra for the purpose of implementing a metro rail Line 6 with 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 through providing a modern metro system, featuring high-capacity, safe, and comfortable mode of transport. 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 Project will be implemented by the Mumbai Metropolitan Region Development Authority.
Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project
This project’s loan concept was approved on June 17 2020. NDB will be funding specific packages of the line, such as the construction of multi-storied staff quarters and connectivity from Mathura Road to Jangpura Stabling Yard complex, for which Sam India emerged as the lowest bidder earlier month.
The NDB Board approved a loan of USD 500 million to the Republic of India for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project. The loan would be used by Government of India for on-lending to 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. The RRTS will have a total length of 82.15 km (68.03 km elevated and 14.12 km underground) with 25 stations. It will have a design speed of 180 km per hour, maximum operating speed of 160 km per hour and high-frequency operations, which will reduce the journey time from Delhi to Meerut to 60 minutes. The Project will develop an efficient and sustainable regional transport system and reduce congestion in Delhi, by offering people the alternative of settling in surrounding cities and being able to commute to Delhi through a fast, reliable, safe and comfortable public transport system.
The NDB bank was previously known as the BRICS Development Bank, and was established collectively by Brazil, Russia, India, China and South Africa. In the past, it has approved USD 260 million for Mumbai Metro’s Line-2 (Yellow Line) & Line-7 (Red Line), and USD 225 million for Indore Metro’s Phase 1 project.
Hat-tip to Aishwarye Saxena