To augment the suburban railway network in the Mumbai Metropolitan Region and ensure the safety of passengers, the Mumbai Railway Vikas Corporation (MRVC), along with the Centre and Maharashtra Government, has signed a loan agreement of Rs.35 bn with AIIB for railway projects under the Mumbai Urban Transport Project-III (MUTP-III). The total cost of MUTP-III is Rs.109.47 bn. The AIIB loan has a five-year grace period and maturity of 30 years. Sanctioned by the ministry of railways in 2017, MUTP-III projects include quadrupling of the 63-km line between Virar and Dahanu stations and setting up a 28-km Panvel-Karjat suburban railway corridor to provide a shorter route from Karjat to Chhatrapati Shivaji Maharaj Terminus.