Govt. signs $926 million agreement with ADB |
The Asian Development Bank and the Government of India signed a $926 Million Loan Agreement last week to operationalize two lines for the Mumbai Metro Rail System that will ease the distress of millions of commuters each day and help provide a cleaner, less congested city. This is the Single Largest Infrastructure Project Loan in ADB history approved by the ADB Board. The project will fund 63 six-car trains, signaling and safety systems, and help establish a new dedicated metro operations organization to manage the entire metro network in Mumbai. The Mumbai Metropolitan Region Development Authority (MMRDA) will implement the project. Once operational by the end of 2022, an estimated 2 million passengers a day will use the two new lines, travelling in improved safety and comfort. It will also reduce emissions from vehicles, with carbon dioxide emissions expected to fall by about 166,000 tons a year. Mumbai, with a population of about 12 million, is the capital of the state of Maharashtra and renowned as the financial capital of India. Maharashtra accounts for about 15% of India`s gross domestic product, about 40% of which is generated from the Mumbai metropolitan region. Rail is the primary means of transport in Mumbai, where the suburban network totals almost 400 km and carries more than 7.5 million passengers a day.
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