NDB approves $1.03bn project financing in Russia and India
The New Development Bank has approved five new projects with a total commitment of about $1.03 billion.
The NDB Board approved a loan of $241 million for the Mumbai Metro Rail II (Line 6) Project. The loan will be used by the Government of India for on-lending to the Government of the State of Maharashtra for the purpose of implementing a metro rail Line 6 with length of about 14.47km in Mumbai. The project, which will be implemented by the Mumbai Metropolitan Region Development Authority, aims to improve Mumbai’s transport and traffic conditions through providing a modern metro system, featuring high-capacity, safe, and comfortable mode of transport. The NDB is also supporting the implementation of metro lines in Mumbai with length totaling about 5km (Line 2 and Line 7) by financing of the Mumbai Metro Rail Project approved in November 2018.
A loan of $500 million was approved to India for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project. The loan would be used by Government of India for on-lending to the National Capital Region Transport Corporation Limited for construction of a rapid rail corridor connecting the National Capital Territory of Delhi with the cities of Ghaziabad and Meerut, in the State of Uttar Pradesh. The RRTS will have a total length of 82.15km with 25 stations. It will have a design speed of 180km per hour, maximum operating speed of 160km per hour and high-frequency operations, which will reduce the journey time from Delhi to Meerut to 60 minutes.
In Russia, a loan of €100 million was agreed to the Black Sea Trade and Development Bank (BSTDB) for the Development of Russian Water Transport Sector. Proceeds will be on-lent by BSTDB to sub-projects in Russia which contribute to an increase in capacity and efficiency of ports and passenger terminals, as well as to the renewal of cargo and passenger vessel fleet. NDB’s loan will primarily focus on development of Russia’s trade-enabling infrastructure, including sea ports and maritime vessels, but also will have a broader scope by including river transport.
The NDB Board also approved a two-step loan of $100 million to the Eurasian Development Bank for the Toll Roads Program in Russia. The loan will be used for subsequent financing by EDB of several sub-projects involving upgrade and construction of new toll roads in Russia. It is estimated that the project will add about 500 lane-km of additional length of Category 1 highways together with bridges, intersections and other engineering elements, improving connectivity in the country.
And a loan of $100 million to the Eurasian Development Bank was agreed for the Water Supply and Sanitation Program in Russia. The program aims to support the modernization of water supply and sanitation systems in a number of Russian cities.
