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Asian Development Bank plans to fund Rs 30,000 crore Delhi-Meerut rapid rail corridor, four metro projects

Nadi (Fiji): Asian Development Bank (ADB) has given an in-principle nod for financing four metro rail projects and a Rs 30,000 crore rapid rail corridor between Delhi and Meerut as part of its effort to improve the urban transport system in India.

Simultaneous discussion is going on with other multilateral funding agencies for co-financing of these large urban transport projects in India including Bhopal and Indore Metro projects, ADB Director General (South Asia) Hun Kim said Wednesday.

In addition, other projects especially the expansion of Chennai and Bengaluru Metro are also under consideration, he said at the Annual Meet of ADB in Nadi.

"ADB has in-principle agreed to finance these projects with the Centre, which is the guarantor. It depends on the client. If they complete the formalities, we're ready to go (for final approval from the board)," he said.

 Asian Development Bank plans to fund Rs 30,000 crore Delhi-Meerut rapid rail corridor, four metro projects

Representational image. Reuters

ADB has funded Jaipur Metro and expansion of Mumbai Metro in the past.

On rapid rail project between Delhi and Meerut (in Uttar Pradesh), Kim said Regional Rapid Transport System (RRTS) is a huge project and ADB is looking to co-finance with other multilateral funding agencies including Asian Infrastructure Investment Bank.

Earlier this year, the government approved construction of a Rs 30,274 crore worth RRTS to connect the national capital with Meerut through Ghaziabad (in Uttar Pradesh). The 82 kilometre-stretch will be covered in less than 60 minutes,

The RRTS is a first-of-its-kind, rail-based, high-speed regional transit system to be implemented in India. Once operational, it will be the fastest, most comfortable and safest mode of commuter transport in the National Capital Region (NCR).

Kim emphasised that financing logistics projects will also be a priority area for the bank. "We want to be a bank for logistics," he said, pointing to the Vizag-Chennai and the Chennai-Kanyakumari industrial corridors where the ADB is involved in financing preparation of the master plan.

Meanwhile, Tamil Nadu is emerging as a major "client" of the bank, he said, adding the bank is planning to lend $500 million each for energy projects, and the Chennai Metro Phase II.

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Updated Date: May 01, 2019 14:51:49 IST