Question: A Loan Agreement of how much amount has recently been signed for the Mumbai Metro Rail System, between the Asian Development Bank (ADB) and the Government of India?
(a) $996 Million
(b) $1000 Million
(c) $926 Million
(d) $1026 Million
- The Asian Development Bank (ADB) and the Government of India signed a $926 Million Loan Agreement for the Mumbai Metro Rail System on 26th February, 2019.
- This money would be utilized to operationalize two lines for the Mumbai Metro Rail System that will ease the distress of millions of commuters each day and help provide a cleaner, less congested city.
- It will help fund lines 2A (Dahisar to D.N. Nagar), 2B (D.N. Nagar–Bandra–Mandale), and 7 (Dahisar [East] to Andheri [East]), totaling about 58 kilometers (km). The project will fund 63 six-car trains, signaling and safety systems, and help establish a new dedicated metro operations organization to manage the entire metro network in Mumbai.
- The Mumbai Metropolitan Region Development Authority (MMRDA) will implement the project’s civil works and other related components for the lines 2A, 2B, and 7.
- Once operational by the end of 2022, an estimated 2 million passengers a day will use the two new lines, travelling in improved safety and comfort.
- It will also reduce emissions from vehicles, with carbon dioxide emissions expected to fall by about 166,000 tons a year.
- This project is the Single Largest Infrastructure Project Loan in ADB history. The Project also marks ADB’s first co-financing with the Shanghai-based New Development Bank, which will provide $260 million toward the metro systems project.