Copies of the loan agreement, “the highest disbursement for a project in India, at the lowest interest rate offered by a financial institution”, were exchanged between MMRDA Commissioner RA Rajeev and Consul general of Germany at an event here, which was virtually attended by Urban Development Minister Eknath Shinde and Chief Minister Uddhav Thackeray.
A spokesperson for MMRDA said: “The German Federal Ministry for Economic Cooperation and Development (BMZ) -KfW has approved two loans of 545 million euros to the Indian Ministry of Finance to finance subways 4 and 4A, which will alleviate the distress of millions of commuters each. day and help deliver a cleaner and less congested city. ”
The combined cost of these two lines is Rs 15,000 crore. Line 4 is 32 km long and line 4A 2 km long, and about 20% of work has been done on the route.
Thackeray said: “While it is good to make decisions to launch mega transport projects, which are very much needed in Mumbai, it is more important to make financial shutdowns and provide all the support, like upgrading. land layout required. I hope that lines 4 and 4A will be completed on time. ”He said the loan from Kfw had eliminated skepticism over the lack of funds to carry out the metro projects initiated and planned in the Mumbai metropolitan area.
MMRDA said the funds would cover system components for lines 4 and 4A, footpaths and cycle paths surrounding stations to improve integration within the transportation system. The 34 km metro line will connect Mumbai to Thane.
(With PTI inputs)