India, NDB Sign USD 500 million loan agreement to provide Fast, Reliable, Safe and Comfortable Public Transport System in NCR | Pics: twitter

India, NDB Sign USD 500 million loan agreement to provide Fast, Reliable, Safe and Comfortable Public Transport System in NCR

India, NDB Sign USD 500 million loan agreement: The Government of India, the Ministry of Housing and Urban Affairs, National Capital Region Transport Corporation Limited and the New Development Bank(NDB) signed a loan agreement for lending USD 500 million for the ‘Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project’ to provide fast, reliable, safe and comfortable public transport system in the National Capital Region (NCR).

The Agreement Signed by

The agreement was signed by Shri Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India; Shri Janardan Prasad on behalf of the Ministry of Housing and Urban Affairs, Shri Vinay Kumar Singh, Managing Director on behalf of the National Capital Region Transport Corporation Limited and Mr. Xian Zhu, Vice President, Chief Operations Officer on behalf of the NDB.

Highlights with Details - India, NDB Sign USD 500 million loan agreement 

Fast transit system will support in achieving the goal of sustainable urban development in NCR region including National Capital Territory of Delhi. It will activate processes which will enable sustainable economic and social development with environmental protection, for future generations. The environment friendly and very low emission RRTS will carry many times more people at high speed (average speed 100 kmph) while occupying just 3 m space on land thus reducing congestion on the roads. Overall it will significantly reduce the total emissions from the transport sector in NCR.

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The total project cost is estimated at USD 3,749 million, which will be financed by the NDB (USD 500 million), Asian Infrastructure Investment Bank (USD 500 million), Asian Development Bank (USD 1,049 million), Japan Fund for Poverty Reduction (USD 3 million), and Government and Other sources (USD 1,707 million). The USD 500 million loan from the NDB has a tenor of 25 years with an 8-year grace period.