Nagpur, Dec 17 (PTI) The Maharashtra government on Tuesday signed a memorandum of understanding with the Asian Development Bank (ADB) for financial assistance of Rs 1,527 crore for phase II of the Nagpur Metro project.

MahaMetro managing director Shravan Hardikar and ADB director Mio Oka signed the MoU in the presence of Chief Minister Devendra Fadnavis in the cabinet hall of the Vidhan Bhavan.

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Speaking on the occasion, Fadnavis said the project would further accelerate the development of Nagpur city and its surrounding areas.

As per a release, phase II of the Nagpur Metro Rail project will receive a total funding of Rs 3,586 crore from the ADB and the European Investment Bank (EIB). Of the total funding, the ADB will provide Rs 1,527 crore.

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MahaMetro will receive this funding in Japanese Yen, resulting in comparatively lower interest rates on the loan. The loan amount will be made available through the Union Ministry of Housing and Urban Affairs (MoHUA), the Chief Minister's Office stated in the release.

Phase II of the Nagpur Metro Rail project will cover a distance of 43.8 km, comprising four routes: 18.5 km between Khapri and MIDC ESR, 13 km from Automotive Square to Kanhan River, 5.6 km from Prajapati Nagar to Transport Nagar, and 6.7 km from Lokmanya Nagar to Hingna.

The metro project will benefit approximately one million residents in the Nagpur region.

(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)