A loan agreement for $500 million (about Rs 3,700 crore) was signed on Thursday between the government and the New Development Bank (NDB) for funding the Delhi-Ghaziabad-Meerut RRTS Corridor.
The proceeds will be utilised to finance rolling stock, signaling system, operational structures, residences for operational staff, train control and telecommunication system and other miscellaneous works of the corridor, NCRTC said in a statement.
The project agreement was signed by the Ministry of Housing and Urban Affairs (MoHUA), National Capital Region Transport Corporation (NCRTC) and NDB, the statement added.
NCRTC Managing Director Vinay Kumar Singh said, "NCRTC is committed towards Prime Minister (Narendra Modi)'s vision of an Atmanirbhar Bharat. This is a unique multilateral funding arrangement that allows Make in India provision in procurements."
He added that this loan agreement with NDB will be a shot in the arm for NCRTC's efforts of developing the indigenous capacity to create a new-age infrastructure for the New India.
Singh said, "With features like multi-modal integration and interoperability, RRTS will lead to polycentric development and significantly curb pollution and congestion in NCR by providing fast, reliable, secure, and all-weather connectivity."
The RRTS project will develop an efficient and sustainable regional passenger transport system and reduce congestion. It will offer public the alternative of settling in surrounding cities and being able to commute to Delhi through this fast public transportation system.
Implementation of the Delhi-Ghaziabad-Meerut regional rapid transit system (RRTS) corridor will enable a modal shift in favour of public transport. It is expected that the share of public transport will move from 37 per cent to 63 per cent in the region, which ultimately helps in curbing congestion and pollution significantly.
The 82-km Delhi-Ghaziabad-Meerut RRTS corridor with a project cost of Rs 30,274 crore will be co-financed under parallel financing arrangement with the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
In September, a loan agreement of $500 million was signed with ADB for funding the Delhi-Ghaziabad-Meerut RRTS corridor.
The Delhi-Ghaziabad-Meerut RRTS corridor will have a total of 24 stations and will be elevated for around 70.5 km and 11.5 km of its stretch will be underground. The 17-km long priority section between Sahibabad and Duhai of this corridor is scheduled to commence operations in 2023, the entire corridor will be opened to the public by 2025.
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