NEW DELHI (Metro Rail News): The Government of India and Asian Development Bank (ADB) on 15th December 2023 signed an agreement for a 37 billion Japanese Yen ($250 million) loan that will continue financing the construction of the 82-kilometre Delhi-Meerut Regional Rapid Transit System (RRTS) corridor.
The signatories to the loan agreement were Ms. Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Mr. Hoe Yun Jeong, Deputy Country Director and Officer-in-Charge of the India Resident Mission, for ADB.
Earlier, ADB had approved a $1,049 million Multi-tranche Financing Facility (MFF) for the project in 2020 to support the construction of RRTS, the first of three priority rail corridors planned under the NCR Regional Plan 2021, to connect Delhi to other cities in adjoining states. The RRTS will have multi-modal hubs to ensure smooth interchange with other transport modes. The first tranche of the ADB loan amounted to $500 million, with another $500 million co-financed by AIIB.
Improve Urban Mobility
After signing the loan agreement, Ms Mukherjee stated that the investment project will enable the RRTS to improve urban mobility, and the project’s economic impacts will also benefit women and the differently abled.
Reduce Carbon Emissions
“ADB financing is helping the construction of the corridor which will allow people to travel by a low carbon and efficient railway system and save millions of tons of CO2 emissions and play a significant role in climate change mitigation,” said Mr. Jeong.
Passing through the populated sections of the national capital region, the 82-km corridor will provide fast, safe, and high-capacity commuter transit services, expanding economic and employment opportunities by cutting travel time from 3-4 hours to about 1 hour.
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