Nagpur (Metro Rail News): The 43.8 km Nagpur Metro Phase 2 will get financial assistance of Rs 1,527 crore from the Asian Development Bank (ADB) which will boost the project in multifaceted ways.
On 17 December, Shravan Hardikar, Managing Director of Maharashtra Metro Rail Corporation (Maha Metro) and Mr. Mio Oka, ADB director signed a Memorandum of Understanding (MoU) in the presence of Chief Minister Mr. Devendra Fadnavis in the cabinet hall of the Vidhan Bhavan.
Funding From ADB & EIB
A total funding of Rs 3,586 crore will be secured for Nagpur Metro Phase 2 from the Asian Development Bank (ADB) and the European Investment Bank (EIB).
MahaMetro will obtain the funding for Phase II of the Nagpur Metro Rail Project in Japanese Yen, which will help secure lower interest rates on the loan.
The disbursement of the loan will be managed through the Union Ministry of Housing and Urban Affairs (MoHUA).
About Nagpur Metro Phase 2
The Nagpur Metro Rail Project Phase-II will cover a total distance of 43.8 kilometres and include 4 key routes:
- 18.7 kilometres from Khapri to MIDC ESR (Reach 1A), Orange Line.
- 13 kilometres from Automotive Square to Kanhan River (Reach 2A & Reach 2B), Orange Line.
- 6.6 kilometres from Lokmanya Nagar to Hingna (Reach 3A), Aqua Line.
- 5.5 kilometres from Prajapati Nagar to Transport Nagar Reach 4A Aqua Line.
This extension of the Nagpur Metro will streamline the connectivity and is expected to benefit approximately 1 million residents in the Nagpur region.
