India News | Maha: German Ministry Approves Mega Loans for 2 Metro Lines

Mumbai, Nov 6 (PTI) Maharashtra Chief Minister Uddhav Thackeray on Friday said Metro Line 4 between Wadala in Mumbai and Kasarvadavli and Line 4A from Kasarvadavli to Gaimukh in nieghbouring Thane district will ease commuting stress.

He was speaking at a function to mark the signing of an MoU under which the German Federal Ministry for Economic Cooperation and Development (BMZ)-KfW approved two loans totaling 545 million euros to the Union finance ministry to fund the project.

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The MMRDA, which is implementing Metro Line 4 and 4A, said the credit package is made up of one development loan of 345 million euros, including 255 million euros to buy rolling stock, and one promotional loan of 200 million euros.

A sum of 90 million euros will be used for multimodal integration system, it said, adding that the 545 million euro loan package of Kfw is the highest amount given to India ever, that too at the lowest rate of interest offered by any financial institution so far.

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"Though it is good to take decisions to start mega transportation projects, which are very much required in Mumbai, it is more important to do financial closures and provide all support like making available the required land. I hope Line 4 and 4A will be completed in time," Thackeray said.

He said the loan from Kfw had eliminated skepticism that were raised regarding lack of funds to carry out various metro projects initiated and planned in the MMR.

MMRDA Commissioner R A Rajeev welcomed the approval of loan by KfW for Metro Line 4 and 4A, and said the organisation was working for mitigation of climate change by executing metro works.

"Once metro Line 4 and 4A begin operations, it will help save up to 1,21,00 tons of greenhouse gases every year, thus reducing air pollution. It will also reduce the burden on overcrowded local trains," he added.

The MMRDA said the loan covers system components for Line 4 and 4A as well as for footpaths and cycling routes surrounding the stations to improve integration within the transport system.

The 34-kilometre Line 4 will bring about north-south connectivity, linking Mumbai to Thane, said the Mumbai Metropolitan Region Development Authority.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)