The New Development Bank, also known as BRICS Bank has approved funds worth USD 741 million for infrastructure projects in India including Delhi-Meerut rapid rail and the Mumbai metro.
NDB's Board of Directors approved a loan worth USD 500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project and a loan worth USD 241 million for the Mumbai Metro Rail II (Line 6) Project.
This was informed by the Shanghai-based bank in a press statement.
Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project
• BRICS' bank's loan amount for the Delhi NCR region will be used by the Indian Government for on-lending to the National Capital Region Transport Corporation Limited (NCRTC) for construction of a rapid rail corridor.
• The rapid rail network will connect the National Capital Territory of Delhi with the cities of Meerut and Ghaziabad in Uttar Pradesh.
• The Regional Rapid Transit System (RRTS) will be at least 82.15km long, out of which 68.03km will be an elevated stretch and 14.12 will be underground with 25 stations.
• It will also have a design speed of 180 km per hour and a maximum operating speed of 160 km per hour and high-frequency operations that will reduce the journey time from Delhi to Meerut to 60 minutes.
• The Project will help develop a sustainable regional transport system that will be safe, fast, reliable and comfortable.
• It will also help reduce congestion in Delhi by offering people an alternative of settling in surrounding cities.
Mumbai Metro Rail II (Line 6) Project
• The loan amount for Mumbai Metro will be used by the Indian government for on-lending to the Maharashtra state government for the construction of the metro rail Line 6 project.
• The metro rail line 6 will have a length of about 14.47 km. It will provide much needed rail connectivity between the western and eastern suburbs.
• It will also contribute towards an integrated seamless public transport network in Mumbai.
• The metro rail project will be implemented by the Mumbai Metropolitan Region Development Authority.
• Besides this, the New Development Bank is also supporting the implementation of metro lines in Mumbai with length totaling to about 58 km (Line 2 and Line 7) by financing of the Mumbai Metro Rail Project approved by the bank in November, 2018.
What is NDB?
The New Development Bank was established by BRICS nations- Brazil, Russia, India, China and South Africa. The bank's main focus is to mobilize funds for sustainable development projects in BRICS countries and other emerging economies.
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