AIIB injects ₹3,500-cr in Mumbai's rail network

Asian Infrastructure Investment Bank
Asian Infrastructure Investment Bank (AIIB) has agreed to invest ₹3,500 crore in the Mumbai Railway Vikas Corporation (MRVC) for the Mumbai Urban Transport Project-3 (MUTP-3). The MUTP-3 includes two new suburban corridors, quadrupling of an existing one, and other projects involving an investment of ₹11,000 crore. Prior to this, the World Bank was expected to shoulder most of the project cost with a loan of ₹7,000 crore, and the state government and Centre were supposed to take responsibility of the rest. Projects under MUTP-3, whose cost has been pegged at ₹10,947 crore, include quadrupling of the Virar-Dahanu corridor, addition of a Panvel-Karjat suburban corridor, and another new Airoli-Kalwa link. The 2018-19 Railway budget had sanctioned ₹519 crore for the project. However, the World Bank wanted the Panvel-Virar elevated corridor included in MUTP-3A, to be included in MUTP-3, and this is where talks hit a roadblock. The AIIB delegation held three meetings with MRVP officials for funding of MUTP-3A.

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