Mumbai: The Japan International Cooperation Agency (JICA) has signed an agreement with the Central government to provide an Official Development Assistance (ODA) loan of 100,000 million Japanese Yen (approximately ₹6,000 crore) for the second tranche for Mumbai Metro-3.
The loan is being made available at an interest rate of 1.5% for project activities and 0.01% for consulting services over a 30-year tenure. This includes 10 years as grace period. The agreement was signed by Sujan R. Chinoy, Indian Ambassador to Japan and Junichi Yamada, Senior Vice President, JICA, at Iikura House, Ministry of Foreign Affairs, Tokyo.
Takema Sakamoto, chief representative, JICA India Office, said at the signing ceremony, “Once the project is complete, it will help in coping with the increasing demand for transport requirements by the residents in Mumbai. It will expand the city’s mass rapid transportation system and will make commuting safer and mobility easier in Mumbai,” Mumbai Metro Rail Corporation Limited (MMRCL) is executing the third phase of the project connecting Colaba to SEEPZ via Bandra.
JICA has extended concessional ODA loans worth approximately ₹60,000 crore for developing Metro rail systems in Delhi, Bengaluru, Kolkata, Chennai, Mumbai and Ahmedabad.
