MMRDA receives funds from the foreign agency for Colaba-Bandra –Airport Metro Corridor

By Accommodation Times News Service

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.

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