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ADB Gives In-principle Nod To Fund Rs 30,000 Crore Delhi-Meerut Rapid Rail Transport, Four Metro Rail Projects
Delhi Metro Rail Corporation (DMRC).(Photo by Sanchit Khanna/Hindustan Times via Getty Images)
In a major boost for infrastructure building in India, the Asian Development Bank (ADB) has given its in-principle nod for financing four metro rail projects and the Rs 30,000 crore Rapid Rail Transport System (RRTS) being built between Delhi and Meerut, reports Economic Times.
"ADB has in-principle agreed to finance these projects with the Centre, which is the guarantor. It depends on the client. If they complete the formalities, we are ready to go for final approval from the board," said ADB Director General (South Asia) Hun Kim at the Annual Meet of the ADB.
The four metro projects towards which the ADB has shown commitment include Indore and Bhopal Metro, the phase-II of Chennai Metro and expansion of the Bengaluru Metro.
Also, given the large size of investment required for the aforementioned RRTS being built between Delhi and Meerut, the ADB is actively scouting for a co-financier among other multi-lateral funding agencies including Asian Infrastructure Investment Bank (AIIB).
It should be noted here that the RRTS will be 82-km long in length and will shorted the travel time between the two cities to mere 60 minutes. It is the first of its kind, high speed regional transit system to be implemented in India, which will be the fastest mode of commuter transport in the National Capital Region (NCR).
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