Mumbai's Metro Line-3 Funding Now Complete: A Major Milestone Achieved
The Indian government has signed the final loan agreement with JICA, marking the completion of funding for Mumbai Metro Line-3 project.
Mumbai MetroMetro Line 3JicaIndian GovernmentInfrastructure DevelopmentReal Estate MumbaiJul 05, 2024
The agreement was signed between Manisha Sinha, Additional Secretary, Department of Economic Affairs (DEA), and Hiroshi Suzuki, Japan's Ambassador to India. MMRC officials also attended the signing ceremony, which was held at the Department of Economic Affairs (DEA) office.
The total project cost of Mumbai Metro Line-3 is approximately Rs 37,276 Crore, with JICA providing a loan amounting to Rs 21,280 Crore, which is 57.09% of the total project cost. The JICA loan agreement for Tranche V is worth 84 billion Japanese Yen (Rs 4657 Crore), completing the funding for the Metro Line-3 project. The first tranche was signed on September 17, 2013.
The signing of the final tranche of JICA loan agreement is a testament to JICA's unwavering commitment to metro projects in India, particularly in Mumbai. Since the project's inception, JICA has been an invaluable partner, continuously aiding its progression towards operations shortly. This was stated by R Ramanna, Director (Planning & Real Estate Dev./ NFBR), MMRC.
The Mumbai Metro Line-3 project is a crucial infrastructure development project aimed at improving the city's transportation network. The project involves the construction of a 33.5 km long metro line, which will connect the city's northern and southern suburbs.
The Japanese International Cooperation Agency (JICA) is a bilateral aid agency that provides technical and financial assistance to developing countries, including India. JICA has been an active partner in India's infrastructure development, particularly in the metro sector.
The Mumbai Metro Rail Corporation Limited (MMRC) is a joint venture between the Government of India and the Government of Maharashtra, responsible for the implementation of the Mumbai Metro project.
Frequently Asked Questions
What is the total project cost of Mumbai Metro Line-3?
The total project cost of Mumbai Metro Line-3 is approximately Rs 37,276 Crore.
What is the loan amount provided by JICA for the project?
JICA has provided a loan amounting to Rs 21,280 Crore, which is 57.09% of the total project cost.
When was the first tranche of the JICA loan agreement signed?
The first tranche was signed on September 17, 2013.
What is the length of the metro line to be constructed under the project?
The project involves the construction of a 33.5 km long metro line.
Who is the implementing agency for the Mumbai Metro project?
The Mumbai Metro Rail Corporation Limited (MMRC) is the implementing agency for the Mumbai Metro project.
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