The Board of Directors (Board) of the New Development Bank (NDB) held its 28th Meeting in a virtual format on September 29, 2020. Five project proposals were approved by the Board including Mumbai Metro Line-6, with a total commitment aggregating to approx USD 1.03 billion.
- The NDB Board approved a loan of USD 241 million for Mumbai Metro Rail II (Line 6) Project.
- The loan will be used by the Government of India for on-lending to the Government of the State of Maharashtra for the purpose of implementing a metro rail Line 6 with length of about 14.47 km in the city of Mumbai.
- The Mumbai Metro Rail II Project aims to improve Mumbai’s transport and traffic conditions through providing a modern metro system, featuring high-capacity, safe, and comfortable mode of transport.
- Line 6 will provide much needed rail-based connectivity between the western and eastern suburbs, and will contribute towards an integrated seamless public transport network in Mumbai.
- The Project will be implemented by the Mumbai Metropolitan Region Development Authority.
- The NDB is also supporting the implementation of metro lines in Mumbai with length totaling to about 58 km (Line 2 and Line 7) by financing of the Mumbai Metro Rail Project approved by the NDB BoD in November, 2018.
Project Status:
Updates as on 07th Sept 2020:
| Sr. No. | Name of Work | Status |
| 1 | Soil Investigation Works | 83.26% completed. |
| 2 | Utility Works | 56.70% completed. |
| 3 | Piling Works | 45.55% completed. |
| 4 | Pile Cap Works | 28.28% completed. |
| 5 | Pier Works | 19.79% completed. |
| 6 | Station Work | 14.10% completed. |
Background Information:
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021. The NDB received AA+ long-term issuer credit ratings from S&P and Fitch and AAA foreign currency long-term issuer rating from Japan Credit Rating Agency (JCR) and Analytical Credit Rating Agency (ACRA).
Source: NDB-Press Release | Image Credit (representational): MMRDA
