BRICS Bank approved funds for Delhi-Meerut rapid rail and Mumbai metro

The New Development Bank, which is also known as BRICS Bank, has approved infrastructure projects worth 741 million dollars in India. A loan of USD 500 million has been approved for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project and a loan of USD 241 million has been approved for Mumbai Metro Rail II (Line 6) Project.

About Regional Rapid Transit System (RRTS)

  • The loan for Delhi NCR region would be used by Government of India for on-lending to the National Capital Region Transport Corporation Limited (NCRTC).
  •  The lending would be utilised for construction of a rapid rail corridor connecting the National Capital Territory of Delhi with the cities of Ghaziabad and Meerut in Uttar Pradesh.
  • The RRTS have a total length of 82.15 km with 25 stations.
  • It has a design speed of 180 km per hour and maximum operating speed of 160 km per hour.
  • It will reduce the journey time from Delhi to Meerut to 60 minutes.

About  Mumbai Metro Rail II (Line 6) Project

  • The loan for Mumbai Metro will be used by the Government of India for on-lending to the Government of the State of Maharashtra.
  • Loan will be utilised for a metro rail Line 6.
  • The metro line has a length of about 14.47 km in Mumbai.
  • Line 6 will provide rail-based connectivity between the western and eastern suburbs in an integrated manner.
  • Mumbai Metropolitan Region Development Authority will implement the project.
  • The NDB is also supporting the implementation of metro lines in Mumbai of length 58 km (Line 2 and Line 7) by financing of the Mumbai Metro Rail Project that was approved in November, 2018.

About New Development Bank

The NDB was established by Brazil, Russia, India, China and South Africa. It primary aim is to mobilise the resources for infrastructure and sustainable development projects in BRICS countries (Brazil, Russia, India, China and South Africa) and other emerging economies and developing countries. It complements the efforts made by multilateral and regional financial institutions for global growth and development. The NDB was formerly referred to as the BRICS Development Bank. The NDB is headquartered in Shanghai, China. The first regional office of the NDB was established in Johannesburg, South Africa. The NDB was founded on July 15, 2014. First President of the bank was K. V. Kamath.