JICA extends ODA loan of Rs 24.80 bn for Mumbai Metro Line 3 Project (III)
Japan International Cooperation Agency (JICA) has signed an agreement with the Government of India to provide an Official Development Assistance (ODA) loan of 39,928 million Japanese Yen (approximately Rs 24.80 billion) for the “Mumbai Metro Line 3 Project (III)”.
The objective of the project is to cope with the increase in traffic demand in Mumbai by expanding the mass rapid transportation system, thereby promoting regional economic development and improving urban environment, through mitigation of traffic jams and decrease of pollution caused by increasing motor vehicles.
The ODA loan agreement was signed between Dr CS Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, and Katsuo Matsumoto, Chief Representative, JICA India.
Speaking on the occasion, Katsuo Matsumoto, Chief Representative, JICA India, said, “Given the increase in population in Mumbai, there is an essential need for the project in Mumbai Metropolitan Region (MMR). Mass Rapid Transport systems also help in reducing pollution caused by private vehicles and improving living conditions. The current situation highlights the need for MRTS in Mumbai, and aims at easing mobility and connectivity.”
With a total of 33.7 km, entailing 26 stations, Line 3 (Colaba-Bandra-SEEPZ) is planned to connect southern Mumbai with the major activity areas like Bandra Kurla Complex (BKC), Airport (Domestic and International), Maharashtra Industrial Development Corporation (MIDC) area, SEEPZ (Industrial Hub) and the area along Jogeshwari-Vikhroli Link Road (JVLR), which has got tremendous potential for new developments.
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The Mumbai Metro will help in tackling congestion, as the daily ridership volume for 2021 is estimated as 1.21 million per day and will reach 1.70 million per day in 2031. By Mumbai Metro Line-3, the expected travel time from Domestic Airport station to BKC station will be less than seven minutes and from BKC station to Cuffe Parade station will be less than 40 minutes.
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The project is scheduled to be completed by 2021. Mumbai Metro Rail Corporation (MMRCL) is the Executing Agency of the Project.
Overall, JICA has extended concessional ODA loans worth over 1 trillion Japanese Yen (approximately Rs 600 billion) for the development of metro systems in Delhi, Bengaluru, Kolkata, Chennai, Mumbai and Ahmedabad.
