KfW approves ₹4,767-cr for infra projects in Mumbai
The Frankfurt-based German state-owned development bank KfW has approved two loans worth over 545 million Euros amounting to ₹4,767 crore to the Mumbai Metropolitan Region Development Authority (MMRDA) for infra development projects in Mumbai. The funds are to be disbursed through an agreement with India's Ministry of Finance and will be invested to support two key mass transit projects in Mumbai. These projects are Metro line 4 from Wadala in central Mumbai to Kasarvadavli in Thane and Metro line 4A that extends to the connectivity from Kasarvadavli to Gaimukh. The fully elevated lines will have a total length of 34.82 km with 32 stations easing the distress of commuters and providing a cleaner, less congested city. It is also important to achieve financial closures and provide all support to project authorities like making the required land available, without which projects can't be completed. The credit package consists of a development loan of 345 million Euros and a promotional loan of 200 million Euros and the loans will have tenure of ranging from 15 years to 20 years with a grace option of five years. According to R. A. Rajeev, Commissioner MMRDA, which is implementing the projects, the approved funds will cover system components for Mumbai's Metro Line 4 and 4A, footpaths and cycle routes surrounding the stations to improve integration within the transport system.
📅Published on:
13 November 2020
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