Metro-III gets Rs 4,553cr Japanese loan

The Colaba-Bandra-SEEPZ underground metro rail project moved a step ahead on Tuesday, with the Japan International Cooperation Agency (JICA) signing an agreement with the Centre to provide a loan of Rs4,553 crore.

The agreement for the first tranche of the loan was signed by Shinya Ejima, chief representative of the JICA in India, and Rajesh Khullar, joint secretary in the department of economic affairs. The Maharashtra government is the other party in the Rs23,136 crore project.

The 30-year loan has an interest rate of 1.4% and a grace period of ten years. The Japanese agency has committed to fund 57.2% of the equity. The  Centre and the Mumbai Metro Rail Corporation (MMRC) will contribute 10.4% each.

The Centre and state government will provide a further 11.4% of equity through sub-debts. The Mumbai International Airport Limited, Mumbai, is also contributing 3.4% of the funding and the Mumbai Metropolitan Region Development Authority has also committed funds.

The government hopes to begin the 33.5 km project by the year end and when completed it will carry an estimated 14 lakh passengers over 27 stations on the route.

The line, which starts at Cuffe Parade, will run through Nariman Point, Worli, Dadar, Bandra, Bandra-Kurla complex, past the airport, through Andheri MIDC and SEEPZ.

It is proposed to set up the car depot at Aarey Colony, adjacent to SEEPZ and the passenger interchange facilities will be at CST, Churchgate, Mumbai Central, Marol Naka (for metro rail) and Mahalaxmi (for mono rail). The MMRC has set a target of December 2019 to complete the project.
      
Approved funding plan