Asian Development Bank with Maharashtra CM Devendra Fadnavis.
Credit: X/@CMOMaharashtra
Mumbai: The Asian Development Bank (ADB) will provide financial assistance of Rs 1,527 crore to expedite the second phase of the Nagpur Metro Rail Project.
A Memorandum of Understanding (MoU) was signed in Vidhan Bhavan in the presence of Chief Minister Devendra Fadnavis.
Speaking on the occasion, the CM stated that this project would further accelerate the development of Nagpur city and its surrounding areas.
The agreement for financial assistance was signed by MahaMetro Managing Director Shravan Hardikar and ADB Director Mio Oka.
The Phase-II of the Nagpur Metro Rail Project will receive a total funding of Rs 3,586 crore from ADB and the European Investment Bank (EIB).
Of this, Rs 1,527 crore will be provided by ADB, for which the agreement was signed on Tuesday.
MahaMetro will receive this funding in Japanese Yen, resulting in comparatively lower interest rates on the loan.
The loan amount will be made available to MahaMetro through the Union Ministry of Housing and Urban Affairs (MoHUA).
The Nagpur Metro Rail Project Phase-II will cover a total distance of 43.8 kilometers, comprising four routes: 18.5 kilometers between Khapri to MIDC ESR, 13 kilometers from Automotive Square to Kanhan River, 5.6 kilometers from Prajapati Nagar to Transport Nagar, and 6.7 kilometers from Lokmanya Nagar to Hingna. This metro project will benefit approximately 1 million residents in the Nagpur region.
The ceremony was attended by Chief Secretary Sujata Saunik, Additional Chief Secretary to Chief Minister Vikas Kharge, MITRA CEO Pravin Pardeshi, Principal Secretary to Chief Minister Ashwini Bhide, Secretary Shrikar Pardeshi, various departmental secretaries, ADB subject experts, along with MahaMetro Director (SP) Anilkumar Kokate, Director (Finance) Harendra Pandey, and other officials.