MMRDA is looking to execute two more Metro rail projects, besides the 33.5-km Colaba-Bandra-Seepz stretch for which Japan International Cooperation Agency has already granted a loan.
In next ten years close to Rs. 50000 cr worth Metro rail projects are up for execution in Mumbai, the World Bank has shown a great deal of interest to fund these projects at a very competitive rates, this would open up more financing options for the opening up more financing options for the city’s development authority.
All this while; World Bank loans had been expensive as against other international funding agencies; such as the Japan International Cooperation Agency (JICA). For example (MMRDA) had sought a loan for more than half the project cost from JICA at a nominal rate of 1.4 per cent, for Colaba-Bandra-Seepz Metro worth Rs 23,126-crore, (MMRDA) at 1.4 per cent.
The World Bank is said to have agreed to give loans on a similar interest rate as JICA’s.” Earlier the World Bank had partially financed the MUTP, which enhanced the capacity of the city’s suburban railway and road transport network.
The decision on finalizing the financing agency for the Metro projects will be taken only after consultations with the Union finance ministry.
MMRDA is looking to execute two more Metro rail projects. Rs 28,900 crore, 40-km Dahisar-Bandra-Charkop underground Metro, which was initially, planned as elevated lines and Rs 22,000 crore Thane-Wadala-Kasarvadavali Metro (partially underground corridor.