JICA Grants Final Rs 4,474 Crore Loan For Mumbai Metro Line 3
The Japan International Cooperation Agency (JICA) has provided the fifth and final tranche of an official development assistance loan worth Rs 4,474 crore for the Mumbai Metro Line 3 project, spanning 33.50 kilometers, an official announced on Friday.
The loan agreement was sign by Additional Secretary Manisha Sinha of the Ministry of Finance and JICA India Chief Representative Saito Mitsunori. The Mumbai Metro Line 3, which connects Colaba, Bandra, and SEEPZ, is a priority project for both Japan and JICA.
This project aims to address the growing traffic demand in Mumbai by expanding the mass rapid transportation system, fostering regional economic development, and enhancing the urban environment by reducing traffic congestion and pollution from motor vehicles.
As Mumbai’s first fully underground Metro line, it serves as a crucial transport corridor, linking major landmarks, educational institutions, and business centers. Once operational, it will reduce the travel time from Mumbai airport to Colaba from the current two hours to just 45 minutes during peak hours.
The project aligns with the government’s goal to improve urban mobility and promote sustainable development in major metropolitan areas. It will help alleviate traffic congestion, decrease air pollution, and boost economic productivity in Mumbai, India’s financial hub.
Sustainable Development Goals
Additionally, the project supports several Sustainable Development Goals (SDGs), including Goal 11 (Sustainable Cities and Communities) and Goal 13 (Climate Action).
“Since the first loan agreement for the Mumbai Metro Line 3 Project was signed in September 2013, the Mumbai Metro Rail Corporation Limited (MMRCL) has made commendable efforts, showing steady and satisfactory progress despite various challenges,” said Saito Mitsunori.
He add that the first phase of the project, from Aarey to BKC, is expect to become operational in the next few months (by September), with full project completion anticipate soon after.
For the entire project, JICA has provided loans in several phases: Phase I (2013, JPY 71,000 million), Phase II (2018, JPY 100,000 million), Phase III (2019, JPY 39,928 million), Phase IV (2024, JPY 58,943 million), and now the final Phase V (2024, JPY 84,261 million).
