ADB plans to fund rapid (RRTS) and metro rail projects in India

Anushka Khare Posted on: 2019-05-01 08:16:57 Viewer: 920 Comments: 0 Country: India City: New Delhi

ADB plans to fund rapid (RRTS) and metro rail projects in India

New Delhi (Urban Transport News): In a major step to boost rapid and metro railway projects in India, the Asian Development Bank (ADB) has given the in-principle nod for financing Delhi-Meerut RRTS project and four other metro rail projects. ADB Director-General (South Asia) Hun Kim said on Wednesday that simultaneous discussions are going on with other multilateral funding agencies for co-financing of these large urban transport projects including Bhopal and Indore Metro rail projects.

Other metro projects especially the expansion of Chennai and Bengaluru Metro are also under consideration by the ADB. “ADB has in-principle agreed to finance these projects with the Centre, which is the guarantor. It depends on the client. If they complete the formalities, we’re ready to go (for final approval from the board),” said Hun Kim. In past ADB has funded Jaipur Metro and expansion of Mumbai Metro Rail Project. "Regional Rapid Transport System (RRTS) is a huge project and ADB is looking to co-finance with other multilateral funding agencies including Asian Infrastructure Investment Bank", he added.

Before the effect of model code of conduct, the central government approved construction of Rs.30,274 crores worth Delhi-Meerut RRTS to connect the national capital with Meerut via Ghaziabad in Uttar Pradesh. The National Capital Region Transport Corporation (NCRTC) claims that this 82-km stretch will be covered in less than 60 minutes journey. NCRTC is implementing the first three proposed rail-based, semi high-speed RRTS corridors in India.

According to the NCRTC, RRTS will be the fastest, most comfortable and safest mode of commuter transport in the National Capital Region (NCR). Pointing to the Vizag-Chennai and the Chennai-Kanyakumari industrial corridors where the ADB is involved in financing preparation Kim said that we want to be a bank for logistics. Financing logistics projects will also be a priority for the bank. ADB is planning to lend USD 500 million each for energy projects and the Chennai Metro Phase II.

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