NDB signs loan agreement to fund US$500 million for Delhi-Meerut RRTS Corridor

New Delhi, India (Urban Transport News): The New Development Bank and Government of India today signed a loan agreement in connection with the implementation of the Delhi-Ghaziabad-Meerut RRTS corridor.

"The loan agreement for USD 500 million (Approx. Rs. 3,700 crores) was signed between the Government of India Official and the New Development Bank (NDB) for funding the Delhi-Ghaziabad-Meerut RRTS Corridor. The project agreement was signed by the officials from the Ministry of Housing (MoHUA), National Capital Region Transport Corporation (NCRTC), and New Development Bank (NDB)," said an official release.

The proceeds of this loan will be utilised to finance rolling stock, signaling system, operational structures, residences for operational staff, train control & telecommunication system and other miscellaneous works of the corridor.

Speaking on the occasion, Vinay Kumar Singh Managing Director, NCRTC, said:

NCRTC is committed towards the Hon’ble Prime Minister’s vision of an Atmanirbhar Bharat. This is a unique multilateral funding arrangement that allows 'Make in India' provision in procurements. This loan agreement with NDB will be a shot in the arm for NCRTC’s efforts of developing the indigenous capacity to create a new age infrastructure for New India.

The 82.15 km Delhi-Meerut RRTS corridor with a project cost of Rs 30,274 crore will be co-financed under a parallel financing arrangement with Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB). In September this year, a loan agreement of US$500 million was signed with ADB for funding the RRTS corridor.

Civil construction work is in progress on more than 50 km of the 82.15 km long corridor. The Delhi-Meerut RRTS corridor will have a total of 24 stations and will be elevated for around 70.5 km; 11.5 km of its stretch will be underground.

A 17 km long priority section between Sahibabad and Duhai of the corridor is scheduled to commence operations in 2023; the entire corridor will be opened to the public by 2025, said the official release.

For more details, please explore the Delhi-Meerut RRTS page of Urban Transport News.