The Asian Development Bank will provide financial assistance of Rs 1527 crore to boost the second phase of the Nagpur Metro Rail project. A memorandum of understanding (MoU) signed today at Vidhan Bhavan in the presence of Chief Minister Devendra Fadnavis.
Fadnavis said that this project will further accelerate the development of Nagpur city and its surroundings.
Mahametro Managing Director Shravan Hardikar and Asian Development Bank Director Mio Oka signed the financial assistance agreement. A total of Rs 3586 crore will be provided by the Asian Development Bank (ADB) and the European Investment Bank (EIB) for Phase-2 of the Nagpur Metro Rail project. Out of which Rs 1527 crore will be provided by the Asian Development Bank and an agreement was signed today.
Mahametro will receive this financing in the currency of Japanese Yen. Therefore, the interest on the loan will be relatively low. The loan amount will be made available to Mahametro through the Union Ministry of Housing and Urban Affairs (MoHUA).
Nagpur Metro Rail Project Phase-2 will be 18.5 km between Khapri to MIDC ESR, 13 km between Automotive Square to Kanhan River, 5.6 kilometers between Prajapati Nagar to Transport Nagar and 6.7 kilometers between Lokmanya Nagar to Hingna, a total of 43.8 kilometers. This metro project will benefit 10 lakh residents of Nagpur area.
Chief Secretary Sujata Saunik, Additional Chief Secretary to the Chief Minister Vikas Kharge, CEO of MITRA Praveen Pardeshi, Principal Secretary to the Chief Minister Ashwini Bhide, Secretary Shrikar Pardeshi, Secretaries of various departments, various subject experts of the Asian Development Bank along with Mahametro Director (SP) Anil Kumar Kokate, Director (Finance) Harendra Pandey etc. were present on this occasion.