The Japanese International Cooperation Agency (JICA) on Friday signed an agreement to provide the fifth and final tranche of Rs 4,657-crore loan for the Mumbai Metro Line 3 project, a key corridor of the rapid transit system in the financial capital.
With this, the Japanese government agency has completed the funding for the MMRC-operated 33.5-kilometre fully underground metro line that connects Colaba in South Mumbai to Bandra and SEEPZ in Andheri (East) in the western suburbs.
Department of Economic Affairs (DEA) additional secretary Manisha Sinha and Ambassador of Japan to India Hiroshi Suzuki signed the loan agreement. In a release, Mumbai Metro Rail Corporation (MMRC) said the JICA loan agreement for Tranche V, amounting to Japanese yen 84 billion (Rs 4,657 crore), completes the funding for Metro Line 3. The agreement for the first tranche was signed on September 7, 2013, the release said.
As per the Government of India’s approval on February 29, 2024, the revised project cost of Mumbai Metro Line 3 is Rs 37,276 crore with 57.09 per cent JICA loan amounting to Rs 21,280 crore.
MMRC said signing of the final tranche of loan agreement underscores JICA’s unaltered commitment to metro projects in India, especially Mumbai. “Since the metro project’s inception, JICA has been an invaluable partner, continuously aiding its progression towards operations shortly,” said R Ramana, director (Planning and Real-estate Development/NFBR), MMRC.
Upon completion, this underground corridor with 27 stations would connect six business districts, 30 educational institutes, 30 recreational facilities, domestic as well as international airport terminals and has a capacity to ferry more than 16 lakh commuters daily, according to MMRC.
In March 2024, MMOPL signed a debt settlement agreement with the lenders, committing to pay Rs 1,700 crore as one-time settlement of its entire debt.
