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The Center, Government of Maharashtra, Bombay Railway Vikas Corp. Ltd. and the Asian Infrastructure Investment Bank (AIIB) on Monday signed a $ 500 million loan agreement to improve the network capacity, quality of service and safety of the commuter rail system of Mumbai.
The estimated total cost of the project is ??10,947 crore, of which ??3500 crore will be funded by the AIIB. It includes the quadrupling of Virar Dahanu, a new suburban corridor between Panvel Karjat, a new suburban link between Airoli and Kalwa, the control of intrusions on the middle section and the purchase of 47 electric trains or trains with several units (EMU ) alternating current.
The loan from the multilateral financial institution AIIB has a grace period of 5 years and a maturity of 30 years.
The loan agreement was signed by Shri Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India, Sanjay Kumar, Chief Secretary on behalf of the Government of Maharashtra, RS Khurana, Chairman and Managing Director on Behalf of Mumbai Rail Vikas Corporation and Rajat Misra, Managing Director (Acting), Investment Operations on Behalf of AIIB, “said an official statement. Mumbai Rail Vikas Corp Ltd. provides commuter rail services.
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