MMRDA seeks financial support from World Bank

MMRDA seeks financial support from World Bank for the transport projects

A detailed presentation made to the World Bank Country Director

Mumbai, July 20, 2010 – The Mumbai Metropolitan Region Development Authority (MMRDA) today made a detailed presentation to the World Bank Country Director Mr.Roberto Zagha, seeking financial backing for its transport projects – essentially the Metro Rail Project.

“International institutions including Japan Bank for International Cooperation have shown interest in our transport project. In essence, we are seeking long term financial support from these institutions for our public transport projects”, said Mr.Ratnakar Gaikwad, Metropolitan Commissioner, MMRDA. “While the first Versova-Andheri-Ghatkopar Metro Rail corridor is at an advance stage, the soil testing for the second corridor from Charkop to Mankhurd via Bandra has almost been completed. We have also submitted our proposal to the Center seeking its in-principle approval to begin the tender processing for the third Colaba-Bandra corridor. It is this third corridor which is underground – from Colaba to Mahalaxmi – will require huge viability gap funding notwithstanding the forty per cent VGF agreed by the Government of India, in principle”, said Mr.Gaikwad further.

The presentation made by Ms.Ashwini Bhide, Joint Metropolitan Commissioner, MMRDA, drew positive response from the World Bank officials inasmuch as when Mr.Gaikwad said, “The time is our enemy” emphasizing the urgent need of the financial support, Mr.Zagha quipped, “The time will also be your friend”. He further said, “We are really happy that MMRDA has come up with some well thought out transportation plan and we would certainly like to explore all possibilities”, Mr.Zagha said further.

Besides the above three Metro corridors, the MMRDA will be implementing two Metro projects from Charkop to Dahisar (Rs.1,690 Cr) and Ghatkopar-Mulund (Rs.2790 Cr) in the second phase. Four more Metro projects from BKC to Kanjurmarg via Airport (Rs.5,312 Cr), Andheri-E to Dahisar-E (Rs.4,050 Cr), Hutatma Chowk-Ghatkopar (Rs.8,305 Cr) and Sewri-Prabhadevi (Rs.2,187 Cr) in the third phase. The Authority will also be establishing a 100 km Mono Rail network – the Chembur-Wadala-Jacob Circle corridor being the first in the country.

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