In a recent development, the Union government in collaboration with the Ministry of Housing and Urban Affairs, National Capital Region (NCR) Transport Corporation Limited, and the New Development Bank (NDB) have signed a $500 million loan agreement. The primary aim of this agreement is the advancement of the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS).
Delhi-Ghaziabad-Meerut Regional Rapid Transit System Set to Reshape Transportation
The Delhi-Ghaziabad-Meerut RRTS is an under-construction project that will result in an 82.15 km long semi-high speed rail corridor. This transport initiative aims to connect Delhi, Ghaziabad, and Meerut, creating smoother transportation routes and networks. It’s one of the three rapid-rail corridors planned under Phase-I of the Regional Rapid Transport System (RRTS) project spearheaded by the National Capital Region Transport Corporation (NCRTC).
The Anticipated Benefits of the RRTS Project
An extensive list of benefits is predicted to arise from the RRTS project implementation. Firstly, it seeks to establish a fast, trustworthy, secure, and comfortable public transport system in the NCR. Secondly, this project will serve as a flagship for developing high-capacity rapid urban transit corridors throughout various other Indian urban areas.
The introduction of high-speed connectivity across these regions will encourage balanced economic development, bringing economic advantages to diverse social groups and creating multiple development nodes. This would counteract the problem of all economic activity centered in one place.
Additionally, the RRTS project is expected to significantly contribute to the reduction of traffic congestion and total emissions within the NCR’s transport sector.
Comprehensive Financial Support for the RRTS Project
The entire cost of the RRTS project is estimated to be around 3,749 million dollars. This substantial amount will be collectively financed by several entities, including the NDB, Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB), Japan Fund for Poverty Reduction, government and other sources.
New Development Bank: A Major Contributor
The New Development Bank plays a significant role in this project. It is a multilateral development bank jointly established by the BRICS countries (Brazil, Russia, India, China, and South Africa) during the 6th BRICS Summit in Fortaleza, Brazil, in 2014.
NDB was created to support infrastructure and sustainable development initiatives in BRICS and other underserved, emerging economies. Its mission is to accelerate development through innovation and advanced technology. The NDB is currently headquartered in Shanghai, China.
In 2018, the NDB achieved observer status in the United Nations General Assembly, laying a solid foundation for dynamic and productive cooperation with the United Nations.