News
01 October 2019
AIIB to agree $500m loan for Mumbai Urban Transport Project 3
In:
Social infrastructure
Region:
Asia-Pacific
The Asian Infrastructure Investment Bank is set to sign a $500 million with Mumbai Rail Vikas Corporation for the Mumbai Urban Transport Project 3.
Negotiations had concluded and the deal is set to be closed in January, subject to certain conditions including land acquisition for two of the largest project under MUTP 3 — Virar-Dahanu Quadrupling and the new corridor between Karjat-Panvel.
The loan will also be used for a project aimed to curb mid-section trespass. The contract for the project has been awarded and work is currently under way at various parts of the city.
