State to seek ADB help to fund metros

The state government is in the process of tying up with Asian Development Bank (ADB) for partly funding three-elevated corridors in the city, namely Dahisar-east Andheri-east Metro-7 corridor, Dahisar-DN Nagar Metro-2A and DN Nagar-Bandra-Mankhurd Metro-2B corridor.

“Officials from the ADB met senior officials of MMRDA on Tuesday when a formal proposal was presented and they were very positive on funding 46 per cent of the Metro-2B corridor. The total cost of the 23-km Metro-2B corridor is '10,261 crore, out of which ADB has proposed to fund '4,515 crore,” said additional metropolitan commissioner, Sanjay Sethi, MMRDA.

The DN Nagar-Mankhurd Metro corridor is part of the Metro 2 (Dahisar-Charkop-Bandra-Mankhurd), which was earlier planned underground, but was later turned into an elevated corridor. The line was also divided into three parts, namely Dahisar-DN Nagar, DN Nagar-BKC (Bandra Kurla Complex) and BKC-Mankhurd.

Subsequently, the ADB had last year given an assurance to fund 36 per cent for 16.5 km Metro-7 corridor and 44 per cent for the 18 km Metro-2A corridor. The total cost of Metro-7 is '6,208 and '6,410 crore for Metro-2A corridor.

“The officials from the ADB also met chief minister Devendra Fadnavis on Tuesday and have submitted formal proposals for the three metro corridors,” said a senior MMRDA official.

According to MMRDA officials, to avoid delay in metro projects in the city the state government has decided to use its funds for the initial civil work and take loan from various agencies for funding the rest of the metro projects.

Apart from this, the Japanese International Cooperation Agency (JICA) will be funding 57 per cent of the total cost of '27,000 crore for the Seepz-Bandra-Colaba Metro-3 underground corridor, which is being implemented by the Mumbai Metro Rail Corporation (MMRC).