The significant step to reduce traffic congestion and boost connectivity in the region, Japan International Cooperation Agency (JICA) has extended the 5th and final tranche of an Official Development Assistance (ODA) loan amounting to JPY 84,261 million (approximately INR 4,474 crores) to support enhancement of connectivity in Mumbai, Maharashtra state through the Mumbai Metro Line-3 Project.
More Details:
The Mumbai Metro Line 3 project gets its 5th and final tranche of official development assistance (ODA) of INR 4,474 crores from Japan International Cooperation Agency (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.
About the ODA loan agreement:
- The ODA loan agreement was signed between Ms. Manisha Sinha, Additional Secretary, Department of Economic Affairs, Ministry of Finance and Mr. SAITO Mitsunori, Chief Representative, JICA India.
- For this project, Phase I (L/A signed in 2013, approved amount JPY 71,000 million), Phase II (L/A signed in 2018, approved amount JPY 100,000 million), Phase III (L/A signed in 2019, approved amount JPY 39,928 million, and Phase IV (L/A signed in 2024, approved amount JPY 58,943 million) have already been provided.
Chief Representative of JICA Stated:
Speaking on this occasion, Mr. SAITO Mitsunori, Chief Representative of JICA India office said, “Since September 2013 when the 1st loan of the Mumbai Metro Line 3 Project was signed, Mumbai Metro Rail Corporation Limited (MMRCL) is making commendable efforts and there is a steady and satisfactory progress despite several challenges. I have been given to understand that the inauguration ceremony for Phase 1 (Aarey to BKC) is likely to be held in the second quarter of FY2024, and the project will be fully completed in the near future. The Line 3 Project is a long-awaited one for the citizens of Mumbai, the Government of Japan and JICA. I am looking forward to its inauguration.”
About ODA Loan for Mumbai Metro Line-3:
- The Mumbai Metro Line 3 (V) is the last tranche for the project, which is a priority project for the Government of Japan and JICA.
- The line is the most important transport corridor in Mumbai as it connects several major landmarks, key educational institutions, and key business centres of the city. Furthermore, the Mumbai Metro Line 3 is the first metro line which is a fully underground metro.
- With the operation of the Mumbai Metro Line 3, the journey from the Domestic Airport station to Cuffe Parade station (the southernmost station of the Mumbai Metro Line 3) will take about 45 minutes, while normally it would take more than 2 hours by car during peak traffic time.
- This project aligns with the Government of India’s priority to enhance urban mobility and promote sustainable development in major metropolitan areas.
- By improving public transportation infrastructure, it aims to 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).
- By facilitating efficient mass transit and reducing reliance on private vehicles, the Mumbai Metro Line 3 is set to play a crucial role in Mumbai’s transition towards a more sustainable urban future.
Source: JICA – Press Release| Image Credit: JICA
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