Mumbai, July 5 (IANS) The Japan International Cooperation Agency (JICA) has extended the fifth and final tranche of the official development assistance loan of Rs 4,474 crore for the 33.50 kms long Mumbai Metro Line 3 project, an official said here on Friday.
The loan agreement was inked by the Ministry of Finance’s Additional Secretary Manisha Sinha and JICA India Chief Representative Saito Mitsunori, for the Mumbai Metro Line 3 – connecting Colaba-Bandra-SEEPZ – and a priority project for Japan and JICA.
The project aims to cope with the increase in traffic demand in Mumbai by expanding the mass rapid transportation system, promoting regional economic development, and improving the urban environment through the mitigation of traffic jams and the reduction of pollution caused by motor vehicles.
This is the city’s first fully underground Metro line and is the most important transport corridor in Mumbai as it connects several major landmarks, key educational institutions, and key business centres of the city.
When operational it will slash the journey time from Mumbai airport to Colaba from the existing two hours to barely 45 minutes during peak hours.
Aligning with the government’s priority to enhance urban mobility and promote sustainable development in major metropolitan areas, it will help reduce traffic congestion, decrease air pollution, and boost economic productivity in Mumbai, India’s financial capital.
Moreover, it contributes to the realisation of multiple Sustainable Development Goals (SDGs), including Goal 11 (Sustainable Cities and Communities) and Goal 13 (Climate Action).
“Since September 2013 when the first loan of the Mumbai Metro Line 3 Project was signed, the Mumbai Metro Rail Corporation Limited (MMRCL) is making commendable efforts and there is steady and satisfactory progress despite several challenges,” said Saito Mitsunori.
He said that the first phase of the project from Aarey to BKC is expected to be operational in the next few months (September) and the project will be fully completed in the near future.
For the entire project, the JICA had given loans of Phase I (2013, JPY 71,000 million), Phase II (2018, JPY 100,000 million), 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).
