BRICS Bank approved funds for Delhi-Meerut Rapid Rail

BRICS Bank (New Development Bank) has approved infrastructure projects worth 741 million dollars in India.

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Key-Points

BRICS Bank Board of Directors approved a loan of USD 500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project and a loan of USD 241 million for Mumbai Metro Rail II (Line 6) Project.

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) for construction of a rapid rail corridor connecting the NCT of Delhi with the cities of Ghaziabad and Meerut in Uttar Pradesh.

The loan for Mumbai Metro will be used by the Government of India for on-lending to the Government of the State of Maharashtra for implementing a metro rail Line 6 with length of about 14.47 km in the city of Mumbai.

The Project will be implemented by the Mumbai Metropolitan Region Development Authority.

New Development Bank (NDB), the Shanghai based bank, was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies.