March 27, 2020
New Delhi, March 27, 2020: Japan International Cooperation Agency (JICA) has signed an agreement with the Government of India to provide an Official Development Assistance (ODA) loan of 39,928 million Japanese Yen (approximately INR 2,480 Crore) for the "Mumbai Metro Line 3 Project (III)".
The objective of the Project is to cope with the increase in traffic demand in Mumbai by expanding the mass rapid transportation system, thereby promoting regional economic development and improving urban environment, through mitigation of traffic jams and decrease of pollution caused by increasing motor vehicles.
The ODA loan agreement was signed between Dr. C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance and Mr. Katsuo Matsumoto, Chief Representative, JICA India.
Speaking on the occasion, Mr. Katsuo Matsumoto, Chief Representative, JICA India said, "Given the increase in population in Mumbai, there is an essential need for the Project in Mumbai Metropolitan Region (MMR). Mass Rapid Transport systems also help in reducing pollution caused by private vehicles and improving living conditions. The current situation highlights the need for MRTS in Mumbai, and aims at easing mobility and connectivity."
With a total of 33.7 kms, entailing 26 stations, Line 3 (Colaba-Bandra-SEEPZ) is planned to connect southern Mumbai with the major activity areas like Bandra Kurla Complex (BKC), Airport (Domestic and International), Maharashtra Industrial Development Corporation (MIDC) area, SEEPZ (Industrial Hub) and area along Jogeshwari - Vikhroli Link Road (JVLR), which has got tremendous potential for new developments. The Project is scheduled to be completed by 2021. The Mumbai Metro will help in tackling congestion, as the daily ridership volume for 2021 is estimated as 1.21 million/day and will reach 1.70 million/day in 2031. By Mumbai Metro Line 3, the expected travel time from Domestic Airport st. to BKC st. will be less than 7 minutes and from BKC st. to Cuffe Parade st. will be less than 40 minutes.
Mumbai Metro Rail Corporation Limited (MMRCL) is the Executing Agency of the Project.
Overall, JICA has extended concessional ODA loans worth over 1 trillion Japanese Yen (approximately INR 60,000 crore) for the development of metro systems in Delhi, Bengaluru, Kolkata, Chennai, Mumbai and Ahmedabad.
Mr. Matsumoto, Chief Representative, JICA India, signing the loan the agreements
Total 9 loan agreements got signed
Established, by a specific law, as an incorporated administrative institution under the Government of Japan, the Japan International Cooperation Agency (JICA) aims to contribute to the promotion of international cooperation, as a sole Japanese governmental agency in charge of ODA implementation. JICA is the world's largest bilateral donor agency. JICA works as a bridge between Japan and emerging countries, and provides assistance in forms of loan, grant and technical cooperation so that the emerging countries can strengthen their capabilities.
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