The loan agreement was signed by Additional Secretary, Ministry of Finance, Manisha Sinha, and JICA India Chief Representative, Saito Mitsunori, for Mumbai Metro Line 3, connecting Colaba-Bandra-SEEPZ, and a priority project for Japan and JICA.
The project aims to address the increasing traffic demand in Mumbai by expanding the mass rapid transport system, promoting regional economic development and improving the urban environment by mitigating traffic jams and reducing pollution caused by motor vehicles.
This is the city's first completely underground metro line and is Mumbai's most important transport corridor, connecting several important places, key educational institutions and key business centers of the city.
When operational, it will reduce the travel time from Mumbai airport to Colaba from the current two hours to just 45 minutes during peak hours.
In line with the government's priority of improving urban mobility and promoting sustainable development in major metropolitan areas, it will help reduce traffic congestion, reduce air pollution and boost economic productivity in Mumbai, the financial capital of India .
Additionally, it contributes to the realization of multiple Sustainable Development Goals (SDGs), including Goal 11 (Sustainable Cities and Communities) and Goal 13 (Climate Action).
"Since September 2013, when the first project loan of Mumbai Metro Line 3 was signed, Mumbai Metro Rail Corporation Limited (MMRCL) is making commendable efforts and there is steady and satisfactory progress despite several challenges," he said. Saito Mitsunori.
He said that the first phase of the project from Aarey to BKC is expected to be operational in the coming months (September) and the project will be fully completed in the near future.
For the entire project, JICA had provided loans of Phase I (2013, JPY 71 billion), Phase II (2018, JPY 100 billion), Phase III (2019, JPY 39,928 million, Phase IV (2024, approved JPY 58,943 million have already been provided, and now the final Phase V (2024, JPY 84,261 million).
The project aims to address the increasing traffic demand in Mumbai by expanding the mass rapid transport system, promoting regional economic development and improving the urban environment by mitigating traffic jams and reducing pollution caused by motor vehicles.
This is the city's first completely underground metro line and is Mumbai's most important transport corridor, connecting several important places, key educational institutions and key business centers of the city.
When operational, it will reduce the travel time from Mumbai airport to Colaba from the current two hours to just 45 minutes during peak hours.
In line with the government's priority of improving urban mobility and promoting sustainable development in major metropolitan areas, it will help reduce traffic congestion, reduce air pollution and boost economic productivity in Mumbai, the financial capital of India .
Additionally, it contributes to the realization of multiple Sustainable Development Goals (SDGs), including Goal 11 (Sustainable Cities and Communities) and Goal 13 (Climate Action).
"Since September 2013, when the first project loan of Mumbai Metro Line 3 was signed, Mumbai Metro Rail Corporation Limited (MMRCL) is making commendable efforts and there is steady and satisfactory progress despite several challenges," he said. Saito Mitsunori.
He said that the first phase of the project from Aarey to BKC is expected to be operational in the coming months (September) and the project will be fully completed in the near future.
For the entire project, JICA had provided loans of Phase I (2013, JPY 71 billion), Phase II (2018, JPY 100 billion), Phase III (2019, JPY 39,928 million, Phase IV (2024, approved JPY 58,943 million have already been provided, and now the final Phase V (2024, JPY 84,261 million).
