New Delhi: The Government of India and the Asian Development Bank (ADB) recently signed an agreement, securing a 37 billion Japanese Yen ($250 million) loan to further finance the ongoing construction of the 82-kilometre Delhi-Meerut Regional Rapid Transit System (RRTS) corridor.
This development follows ADB’s earlier approval in 2020 of a $1,049 million Multi-tranche Financing Facility (MFF) for the RRTS project, co-financed by the Asian Infrastructure Investment Bank (AIIB). The initiative is a part of the NCR Regional Plan 2021 that aims to establish the first of three priority rail corridors connecting Delhi to neighbouring cities.
The signing ceremony saw Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs, Ministry of Finance, Government of India, and Hoe Yun Jeong, Deputy Country Director, and Officer-in-Charge of the India Resident Mission, representing ADB, as the signatories.
Mukherjee stated that the RRTS project would enhance urban mobility and bring economic benefits to women and differently-abled individuals, while Jeong said, “ADB financing is supporting the construction of a low-carbon and efficient railway system, contributing significantly to the reduction of CO2 emissions.”
The 82-kilometre corridor, cutting through densely populated sections of the national capital region, is expected to provide rapid, safe, and high-capacity commuter transit services. This will substantially reduce travel time from 3-4 hours to approximately 1 hour.
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