Mumbai Metro Line 3 Project Receives Final Funding Boost from JICA Loan Agreement
The Indian government has signed a loan agreement with the Japanese International Cooperation Agency (JICA) for the 5th and final tranche of funding for the Mumbai Metro Line 3 project.
MumbaiMetroJicaLoan AgreementInfrastructure DevelopmentReal Estate MumbaiJul 05, 2024
The Mumbai Metro Line 3 project, which has a revised project cost of Rs 37,276 Crores, has received a significant boost from JICA, with the loan amounting to 57.09% of the total project cost. The loan agreement was signed by Ms. Manisha Sinha, Additional Secretary, Department of Economic Affairs (DEA), on behalf of the Government of India, and the Ambassador of Japan, H. E. Mr. Hiroshi Suzuki, on behalf of the Government of Japan.
The project, which is expected to revolutionize transportation in Mumbai, has been supported by JICA since its inception. The first tranche of the loan was signed in 2013, and since then, JICA has continued to aid the project's progression. The signing of the final tranche of the loan agreement underscores JICA's commitment to the project and its importance for the city of Mumbai.
Mr. R. Ramana, Director (Planning & Real-estate dev./ NFBR), MMRC, expressed his gratitude to JICA for its support, stating that the organization has been an invaluable partner throughout the project's development. With the funding now in place, the Mumbai Metro Line 3 project is expected to make rapid progress towards its completion.
The Mumbai Metro Line 3 project is a critical infrastructure development project for the city of Mumbai. The project, which is being implemented by the Mumbai Metro Railway Corporation Limited (MMRC), aims to provide a fast and efficient transportation system for the citizens of Mumbai. The project has been supported by the Government of India and the Government of Japan, with JICA providing financial assistance.
The Mumbai Metro Railway Corporation Limited (MMRC) is a joint venture between the Government of India and the Government of Maharashtra, with the aim of developing and operating the Mumbai Metro rail network. MMRC is responsible for the implementation of the Mumbai Metro Line 3 project.
Frequently Asked Questions
What is the revised project cost of the Mumbai Metro Line 3 project?
The revised project cost of the Mumbai Metro Line 3 project is Rs 37,276 Crores.
What percentage of the project cost has been funded by JICA?
JICA has funded 57.09% of the project cost, amounting to Rs 21,280 Crores.
When was the first tranche of the loan agreement signed?
The first tranche of the loan agreement was signed on 17th September 2013.
What is the value of the 5th and final tranche of the loan agreement?
The value of the 5th and final tranche of the loan agreement is ¥ 84 billion (approximately Rs 4657 Crores).
Who is responsible for the implementation of the Mumbai Metro Line 3 project?
The Mumbai Metro Railway Corporation Limited (MMRC) is responsible for the implementation of the Mumbai Metro Line 3 project.
Related News Articles
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr