New Development Bank (NDB) of BRICS (Brazil, Russia, India, China and South Africa) Nations approved USD 241 Million (approximately INR 1760 Crores) for Mumbai Metro Rail Project, and USD 500 Million (approximately INR 3670 Crores) for Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project.
The loans were approved by the Board of Directors of NDB in the 28th Meeting held in virtual format on September 29, 2020.
Mumbai Metro Rail II Project:
i.The USD 241 Million Loan will be used for implementing Metro Rail Line 6 with a length of 14.47 kms in the city of Mumbai.
ii.It will improve the transport and traffic conditions in Mumbai and will be implemented by Mumbai Metropolitan Region Development Authority (MMRDA).
Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project:
i.The USD 500 Million Loan will be used for construction of a rapid rail corridor connecting Delhi, Ghaziabad and Meerut. It will have a length of 82.15 kms (68.03 kms elevated and 14.12 km underground) with 25 stations.
ii.Regional Rapid Transit System (RRTS) has been designed for a speed of 180 kms per hour, and will reduce travel time between Delhi to Meerut to 1 hour.
iii.It will reduce congestion in Delhi and provide an efficient and sustainable regional transport system.
Approval of Other Proposals:
A total of 5 projects worth USD 1.03 Billion were approved by the Board of Directors, which included Russian Water Transport Sector Project (EUR 100 Million), Toll Roads Program in Russia (USD 100 Million), Water Supply and Sanitation Program in Russia (USD 100 Million).
Recent Related News:
i.On April 20, 2020 Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman attended the 5th Annual Meeting of Board of Governors of New Development Bank (NDB) through video-conference in New Delhi.
ii.On August 25, 2020 the First Meeting of the BRICS (Brazil, Russia, India, China & South Africa) Sports Ministers under the Russian BRICS Chairmanship took place through video conference.
About New Development Bank (NDB):
Governor – Paulo Guedes (Brazil)
Headquarters – Shanghai, China.