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JICA extends ODA loan of Rs 4,376 crore for Mumbai metro

This project aligns with the Government of India's priority to enhance urban mobility and promote sustainable development in major metropolitan areas.
Last Updated : 06 July 2024, 04:59 IST

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Mumbai: The Japan International Cooperation Agency (JICA) has extended the fifth and final tranche of an official development assistance (ODA) loan amounting to Rs 4,376 crore (JPY 84,261 million) to support connectivity in Mumbai through the Mumbai Metro Line 3 Project (V).

The Mumbai Metro Line 3 is the first metro line of the financial capital which is a fully underground metro.

The project aims to cope with the increase in traffic demand in Mumbai by expanding the mass rapid transportation system, promoting regional economic development, and improving the urban environment through the mitigation of traffic jams and the reduction of pollution caused by motor vehicles.

The ODA loan agreement was signed between Manisha Sinha, Additional Secretary, Department of Economic Affairs, Ministry of Finance and Saito Mitsunori, Chief Representative, JICA India, according to a press statement.

“The Line 3 Project is a long-awaited one for the citizens of Mumbai, the Government of Japan and JICA. I am looking forward to its inauguration,” said Mitsunori.

The Mumbai Metro Line 3 (V) is the last tranche for the project, which is a priority project for the Government of Japan and JICA.

The line is the most important transport corridor in Mumbai as it connects several major landmarks, key educational institutions, and key business centers of the city.

With the operation of the Mumbai Metro Line 3, the journey from the Domestic Airport station to Cuffe Parade station (the southernmost station of the Mumbai Metro Line 3) will take about 45 minutes, while normally it would take more than 2 hours by car during peak traffic time.

This project aligns with the Government of India's priority to enhance urban mobility and promote sustainable development in major metropolitan areas.

By improving public transportation infrastructure, it aims to reduce traffic congestion, decrease air pollution, and boost economic productivity in Mumbai, India's financial capital.

Moreover, it contributes to the realisation of multiple Sustainable Development Goals (SDGs), including Goal 11 (Sustainable Cities and Communities) and Goal 13 (Climate Action).

By facilitating efficient mass transit and reducing reliance on private vehicles, the Mumbai Metro Line 3 is set to play a crucial role in Mumbai's transition towards a more sustainable urban future.

For this project, Phase I [L/A signed in 2013, approved amount Rs 3,687 crore (JPY 71,000 million)], Phase II [L/A signed in 2018, approved amount Rs 5,194 crore (JPY 1,00,000 million)], Phase III [L/A signed in 2019, approved amount Rs 2,073 crore (JPY 39,928 million)], and Phase IV [L/A signed in 2024, approved amount Rs 3,061 crore (JPY 58,943 million)] have already been provided.

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Published 06 July 2024, 04:59 IST

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