Metro 3 loan: JICA inks pact to release third tranche

The Japan International Cooperation Agency (JICA) has signed an agreement with the Centre to provide an official development assistance loan of 39,928 million Japanese Yen (₹2,480 crore) for Metro 3.

This is the third tranche of JICA’s loan for the project. Katsuo Matsumoto, chief representative, JICA India, said, “Given the increase in population in Mumbai, there is an essential need for the project in the Mumbai Metropolitan Region. Mass rapid transport systems also help in reducing pollution and improving living conditions. The current situation highlights the need for MRTS in Mumbai, and aims at easing mobility and connectivity.”

The 33.7-km-long corridor was originally expected to cost ₹23,136 crore, with JICA providing a loan of ₹13,235 crore. The Mumbai Metro Rail Corporation Limted was aiming to complete 70% of the civil work by the year-end and tunnelling by September. However, due to the lockdown, work has slowed down.

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Printable version | May 28, 2020 11:09:48 AM |

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