Earlier this month, the Japanese International Cooperation Agency (JICA) signed an agreement to provide the final tranche of INR 4,657 crore for Mumbai Metro Line 3. This completes the funding for the 33.5 km underground metro line from Colaba to SEEPZ in Andheri, operated by the Mumbai Metro Rail Corporation (MMRC). The loan agreement, signed by Manisha Sinha from the Department of Economic Affairs and Japan's Ambassador Hiroshi Suzuki, marks the conclusion of JICA's support, which began in 2013. The project's revised cost is INR 37,276 crore, with JICA funding 57.09% (INR 21,280 crore). The line will connect key business districts, educational institutions, and airports, serving over 1.6 million commuters daily.
Earlier this month, the Japanese International Cooperation Agency (JICA) signed an agreement to finance the fifth and last part of Mumbai Metro Line 3, lending around INR 4,567 crores for the project. This metro line is an important part of the rapid transit system of the city. This deal completes the funding for the underground metro line system, which spans 33.5 kilometres from Colaba in South Mumbai to Bandra and SEEPZ in Andheri East, and is operated by the Mumbai Metro Rail Corporation (MMRC).
The agreement was signed by Manisha Sinha, Additional Secretary of the Department of Economic Affairs (DEA), and Hiroshi Suzuki, Ambassador of Japan to India. A statement released by the MMRC highlighted that the agreement for the first part of the loan was signed on September 7, 2013. The statement also said that the recent agreement for Tranche V, which is 84 billion yen or INR 4,657 crores, completes the funding for Metro Line 3.
According to the approval from the Government of India on the 29th of February this year, the revised project cost of Metro Line 3 is INR 37,276 crores, with the JICA loan funding about 57.09%, which amounts to INR 21,280 crores.
R Ramana, Director for Planning and Real-Estate Development at MMRC, said that JICA has been an invaluable partner, helping it move towards starting operations soon. MMRC said that the agreement for the final loan highlights JICA's steadfast support for metro projects in India, especially of the urban city Mumbai.
The MMRC pointed out that upon completion, the metro line will connect six different business districts, 30 educational institutions, 30 recreational facilities, and the domestic and international airport. This metro corridor is expected to accommodate more than 16,00,000 commuters daily, and will be transformational in improving the transportation network across the city.
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