You are here: Home » Current Affairs » News » National
Business Standard

Maharashtra govt approves mega loans for 2 metro lines to ease commuting

Maharashtra CM Uddhav Thackeray said Metro Line 4 between Wadala in Mumbai and Kasarvadavli and Line 4A from Kasarvadavli to Gaimukh in nieghbouring Thane district will ease commuting stress.

Maharashtra government | Metro network

Press Trust of India  |  Mumbai 

Mumbai metro, under river tunnel

Maharashtra Chief Minister Uddhav

Thackeray on Friday said Metro Line 4 between Wadala in Mumbai and Kasarvadavli and Line 4A from Kasarvadavli to Gaimukh in nieghbouring Thane district will ease commuting stress.

He was speaking at a function to mark the signing of an MoU under which the German Federal Ministry for Economic Cooperation and Development (BMZ)-KfW approved two loans totaling 545 million euros to the Union finance ministry to fund the project.

The MMRDA, which is implementing Metro Line 4 and 4A, said the credit package is made up of one development loan of 345 million euros, including 255 million euros to buy rolling stock, and one promotional loan of 200 million euros.

A sum of 90 million euros will be used for multimodal integration system, it said, adding that the 545 million euro loan package of Kfw is the highest amount given to India ever, that too at the lowest rate of interest offered by any financial institution so far.

"Though it is good to take decisions to start mega transportation projects, which are very much required in Mumbai, it is more important to do financial closures and provide all support like making available the required land. I hope Line 4 and 4A will be completed in time," Thackeray said.

He said the loan from Kfw had eliminated skepticism that were raised regarding lack of funds to carry out various metro projects initiated and planned in the MMR.

MMRDA Commissioner R A Rajeev welcomed the approval of loan by KfW for Metro Line 4 and 4A, and said the organisation was working for mitigation of climate change by executing metro works.

"Once metro Line 4 and 4A begin operations, it will help save up to 1,21,00 tons of greenhouse gases every year, thus reducing air pollution. It will also reduce the burden on overcrowded local trains," he added.

The MMRDA said the loan covers system components for Line 4 and 4A as well as for footpaths and cycling routes surrounding the stations to improve integration within the transport system.

The 34-kilometre Line 4 will bring about north-south connectivity, linking Mumbai to Thane, said the Mumbai Metropolitan Region Development Authority.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 06 2020. 20:56 IST