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. Read More
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