Mumbai: JICA likely to fund Metro 4

The JICA has offered better interest rates than AIIB so, AIIB will not be funding us,” said Pravin Darade, the Additional Metropolitan Commissioner, Mumbai Metropolitan Region Develop-ment Authority (MMRDA). (Representational)

After holding discussions with the Asian Infrastructure Investment Bank (AIIB) regarding funding of the Metro 4 corridor, the 32.32-km stretch is now likely to be funded by the Japan International Cooperation Agency (JICA), officials have said. “We have got an in-principle approval from JICA for funding Metro 4, Metro 5, Metro 6 and Metro 9 corridors. The JICA has offered better interest rates than AIIB so, AIIB will not be funding us,” said Pravin Darade, the Additional Metropolitan Commissioner, Mumbai Metropolitan Region Develop-ment Authority (MMRDA).

The government has been holding talks with the AIIB for the Metro 4 project. During the Chinese bank’s Third Annual Meeting last month, it had been announced that the bank will be funding India’s National Investment and Infrastructure Fund (NIIF).

Meanwhile, the government is also in talks with New Development Bank (NDB) regarding funding other proposed corridors. “The NDB has also given in-principle nod for funding Metro 8, Metro 10, Metro 11 and Metro 12. With this, all our corridors have received funding,” Darade said.

The JICA is a preferred option as it allows the government to appoint contractors under the Make in India initiative. For the underground Metro 3 corridor, which is also being funded by JICA, the Mumbai Metro Rail Corporation Limited (MMRC) has appointed contractors who will manufacture the rakes in India. Meanwhile, the Asian Development Bank (ADB) did not allow the MMRDA to have the Make in India clause while inviting bids for Metro 2A and 7 rakes.

Metro 4 will connect Wadala to Kasarvadavalli in Thane and Metro 5 will improve connectivity in the Mumbai Metropolitan Region connecting Thane, Bhiwandi and Kalyan. Metro 6 will provide east-west connectivity between Swami Samarth Nagar in Andheri West and Vikhroli. Metro 8 will connect the existing airport to the proposed airport in Navi Mumbai and Metro 9 will be an extension from Dahisar to Mira-Bhayandar. Metro 10 will connect Gaimukh to Shivaji Chowk. Metro 11 will be from Wadala to GPO and Metro 12 would be between Kalyan and Taloja.

benita.chacko@expressindia.com