The Asian Development Bank (ADB) is going to provide financial support of Rs 1,527 crore to speed up the second phase of the Nagpur Metro Rail project. A memorandum of understanding was signed in this regard on Tuesday in the presence of Chief Minister Devendra Fadnavis in the Cabinet Hall of Vidhan Bhavan.
Speaking on the occasion, the Chief Minister said that this project will speed up the development of Nagpur city and surrounding areas. Mahametro Managing Director Shravan Hardikar and ADB Director Mio Oka signed the agreement on financial assistance.
The second phase of the Nagpur Metro Rail project will receive a total of ₹3,586 crore in funding from ADB and the European Investment Bank (EIB). Of which 1,527 crore rupees will be provided by ADB, for which an agreement was signed on Tuesday.
Mahametro will receive this amount in Japanese yen, so the interest rate on the loan will be relatively low. The loan amount will be provided to Mahametro through the Union Ministry of Housing and Urban Affairs (MoHUA).
Nagpur Metro Rail Project Phase-II will cover a total distance of 43.8 km comprising four routes: Khapri to MIDC ESR 18.5 km, Automotive Square to Kanhan River 13 km, Prajapati Nagar 5.6 km and Transport 76 km. Lokmanya Nagar to Hingana. This metro project will benefit around 1 million residents of Nagpur region.
Chief Secretary Sujata Saunik, Additional Chief Secretary to Chief Minister Vikas Kharge, Chief Executive Officer of Mitra Pravin Pardeshi, Principal Secretary to Chief Minister Ashwini Bhide, Secretary Shrikar Pardeshi, Director (SP) of Mahametro and secretaries of various departments, subject experts of ADB were present in the ceremony. ) Anil Kumar Kokate, Director (Finance) Harendra Pandey and other officers.
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