Japan International Cooperation Agency (JICA) is providing financial assistance to Mumbai Metro line 3 – Colaba-Bandra-SEEPZ. Govt. of Japan vide OECD (Organization for Economic Co-Operation and Development) dated 25th March 2013 pledged first Tranche of loan ¥ 71,000 million (Rs.4, 553cr) for construction of Mumbai Metro Line 3 Project. JICA today signed a Japanese ODA loan agreement with the Government of India providing a Japanese ODA loan of ¥ 71,000 million. The agreement was signed by Mr. Rajesh Khullar, Joint Secretary of the Department of Economic Affairs, Ministry of Finance from Indian side and Mr. Shinya Ejima, Chief Representative of JICA in India.
The JICA funds would be used for the construction of Mumbai Metro Line-3 (33.5 km long underground line) including Tunnels, Stations, allied facilities, Rolling stock, System component and consulting services. The loan carries a concessional interest rate of 1.40% to be repaid in 30 years including 10 year of moratorium period. The executing agency is Mumbai Metro Rail Corporation will now be a Joint venture company of Govt. of India and Govt. of Maharashtra. The project is expected to be complete in 2020.
Need of the project
Mumbai, also known as financial capital of India, has been seriously impaired by lack of efficient public transport. City suffers from serious traffic congestion with the average speed on major city roads being less than 15 kilometers per hour. Due to lack of availability of land it is difficult to expand the road network and local trains are already overloaded, so building of a mass rapid transit system is the need of the hour. Metro line 3 will help in improving the Public transport in the city, acting as a catalyst for the economic growth of the city and the state. Mumbai Metro Line 3 will be the first underground metro in the city. This line will connect the financial centre of the city with the residential areas with an expected ridership of 17lakh by year 2031.
“This is a very crucial project and has got the required impetus. The projects such as these will afford Mumbai the required mobility and bring back the aura it has almost lost in recent times. The financial capital of the country needs such projects”, said Mr.UPS Madan, Metropolitan Commissioner, MMRDA.
According to Mr. Shinya Ejima, Chief Representative of JICA in India, “Providing of loan by JICA to this project would go a long way in addressing the major problem of urban congestion in the city of Mumbai. People spend endless hours on roads, local trains are overloaded. So when the project gets completed, this will help in considerably improving the quality of life of a common Mumbaikar just as Metro has done in Delhi”.