The New Development Bank (NDB) of the BRICS countries has approved $241 million loan for Mumbai Metro and $500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project.
The two loans were approved by the NDB Board, the Shanghai-based bank set up by the BRICS (Brazil, Russia, India, China, South Africa) said in statement on Friday.
The $241 million loan for the Mumbai Metro Rail II Project will be used for the purpose of implementing a metro rail Line 6 with a length of about 14.47 km in the city of Mumbai.
The Mumbai Metro Rail II Project aims to improve Mumbai’s transport and traffic conditions by providing a modern metro system, featuring high-capacity, safe and comfortable mode of transport, it said.
Line 6 will provide much-needed rail-based connectivity between the western and eastern suburbs, and will contribute towards an integrated seamless public transport network in Mumbai.
The Project will be implemented by the Mumbai Metropolitan Region Development Authority.
The NDB is supporting the implementation of metro lines in Mumbai with length totalling to about 58 km (Line 2 and Line 7) by financing of the Mumbai Metro Rail Project approved by the NDB in November, 2018, it said.
The NDB Board also approved a loan of $500 million for the Delhi-Ghaziabad-Meerut RRTS Project.
The loan would be used by the National Capital Region Transport Corporation Limited (NCRTC) for construction of a rapid rail corridor connecting the National Capital Territory of Delhi with the cities of Ghaziabad and Meerut located in the state of Uttar Pradesh.
The RRTS will have a total length of 82.15 km (68.03 km elevated and 14.12 km underground) with 25 stations.
It will have a design speed of 180 km per hour, maximum operating speed of 160 km per hour and high-frequency operations, which will reduce the journey time from Delhi to Meerut to 60 minutes.
The project will develop an efficient and sustainable regional transport system and reduce congestion in Delhi, by offering people the alternative of settling in surrounding cities and being able to commute to Delhi through a fast, reliable, safe and comfortable public transport system, it said.
The NDB was set up with an initial authorised capital of $100 billion by BRICS countries in 2014. It was officially opened in Shanghai in 2015.
Since then it has been funding green infrastructure projects in all the five countries.
The NDB also approved a loan of EUR 100 million to the Black Sea Trade and Development Bank (BSTDB) for the Development of Russian Water Transport Sector and a two-step loan of $100 million to the Eurasian Development Bank (EDB) for the Toll Roads Programme in Russia and $100 million to the Eurasian Development Bank for the Water Supply and Sanitation Program in Russia.