AIIB infuses ₹3,700-cr in ₹10,947-cr rail project

The Mumbai Rail Vikas Corporation (MRVC) along with the Maharashtra government has signed a loan agreement of ₹3,700 crore ($500 million) with the Asian Infrastructure Investment Bank (AIIB) for railway projects under the Mumbai Urban Transport Project (MUTP)-3 involving ₹10,947 crore investment. The loan from the AIIB has a five-year grace period [for repayment] and maturity of 30 years. MUTP-3 aims to expand the suburban railway network, improve the services and east-west connectivity in MMR. The projects under MUTP-3 will include a new railway corridor between Panvel and Karjat railway stations for an estimated cost of ₹2,783 crore; procurement of 47 air-conditioned (AC) local trains of ₹3,491 crore; quadrupling of the railway line between Virar and Dahanu stations for ₹3,578 crore; elevating railway corridor between Airoli and Kalwa stations for ₹476 crore; controlling midsection trespassing for ₹551 crore, and providing technical support for ₹69 crore. Of the remaining amount for the projects under MUTP-3, ₹2,629 crore will be taken on lease from the Indian Railway Finance Corporation (IRFC), while the rest of the cost will be shared by the railway ministry and the Maharashtra government.