The Maharashtra government has signed a memorandum of understanding with the Asian Development Bank for financial assistance of Rs 1,527 crore for phase II of the Nagpur Metro project. The MoU was signed on Tuesday in the cabinet hall of Vidhan Bhavan.
MahaMetro Managing Director Shravan Hardikar and ADB Director Mio Oka signed the agreement in the presence of Maharashtra Chief Minister Devendra Fadnavis.
During the occasion, CM Devendra Fadnavis said the project would accelerate the development of Nagpur and nearby areas.
According to an official release, phase II of the Nagpur Metro project will receive a total funding of Rs 3,586 crore. This funding will be jointly provided by the Asian Development Bank and the European Investment Bank. Of the total amount, Rs 1,527 crore will come from the ADB.
The funding from ADB will be provided in Japanese yen. This arrangement allows MahaMetro to benefit from lower interest rates on the loan. The loan will be facilitated by the Union Ministry of Housing and Urban Affairs.
Phase II of the Nagpur Metro project will cover a total distance of 43.8 km. The project includes four main routes:
- 18.5 km from Khapri to MIDC ESR
- 13 km from Automotive Square to Kanhan River
- 5.6 km from Prajapati Nagar to Transport Nagar
- 6.7 km from Lokmanya Nagar to Hingna
(With inputs from agencies)