The Mumbai Metro Line 3 from Colaba-Bandra to Seepz got a major breakthrough on Tuesday when the Japan International Cooperation Agency (JICA) pledged its first installment of loan worth `4,553 crore (¥ 71,000 million) for the construction of the Metro Line project. Rajesh Khullar, joint secretary of the department of economic affairs, ministry of finance, signed the loan agreement with Shinya Ejima, chief representative of JICA on Tuesday.
This fund would be used for the construction of the Mumbai Metro Line-3 which is a 33.5 km-long underground line comprising tunnels, stations, allied facilities, rolling stocks, system components and consulting services. The loan carries a concessional interest rate of 1.40 per cent to be repaid in 30 years, including 10 years of moratorium period. The executing agency, Mumbai Metro Rail Corporation, will now be a joint venture company of the government of India and the state government. The project is expected to be completed by 2020.
“This is a very crucial project and has got the required impetus. The projects such as these will afford Mumbai the required mobility and bring back the aura it has almost lost in recent times. The financial capital of the country needs such projects,” said U.P.S. Madan, metropolitan commissioner, MMRDA.