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The first instalment of multilateral funds for Delhi Meerut high speed project finalized

The Government of India has moved in swiftly to arrange a five hundred million US dollar concessional loan for the high speed train project between Delhi and Meerut in Western Uttar Pradesh to provide comfortable public transport system in the National capital region. With the completion of the high speed train project Meerut can be reached from Delhi in an hour's time as against the present 4 to 5 hours at present.

Delhi has over 300 Kilometers of metro rail connectivity besides high speed shatabi trains

Delhi has over 300 Kilometers of metro rail connectivity besides high speed shatabi trains to Chandigarh, Dehradun, Lucknow, Kanpur, Jaipur, Bhopal, Kathgodam besides very high speed trains to Agra and Gwalior.

The Government of India, the Ministry of Housing and Urban Affairs, National Capital Region Transport Corporation Limited and the New Development Bank(NDB) have signed a loan agreement for lending USD 500 million for the ‘Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project’to provide fast, reliable, safe and comfortable public transport system in the National Capital Region (NCR).

The daily passenger traffic along the Delhi-Ghaziabad-Meerut corridor in NCR is estimated at 0.69 million, of which 63 per cent utilize private vehicles for commuting.

By 2030, NCR is projected to become the most populous urban agglomeration in the world, which will increase pressure on basic infrastructure such as housing, water supply, electricity and transport.

The agreement was signed by Baldeo Purushartha, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India; Janardan Prasad on behalf of the Ministry of Housing and Urban Affairs, Vinay Kumar Singh,Managing Director on behalf of theNational Capital Region Transport Corporation Limitedand Mr.Xian Zhu,VicePresident, Chief Operations Officer on behalf of the NDB.

Mr BaldeoPurushartha, Joint Secretary, Department of Economic Affairs said “Seamless high speed connectivity will result in balanced economic development across the Region leading to economic benefits to all strata of society and many nodes of development rather than all economic activity happening at one place”.

The Project, a demonstration for developing high capacity rapid urban transit corridors in other urban areas of India

Mr. Xian Zhu, VicePresident and Chief Operations Officer, NDB said that “NDB funding will be provided to finance rolling stock for modern design, energy efficient operations and interoperability across corridors. NDB funds will also be utilized for procuring signalling, telecommunication and train control system with advanced features such as automatic train operation, automatic train protection, automatic train supervision and integration with platform screen doors. The Project can serve as a demonstration for developing high capacity rapid urban transit corridors in other urban areas of India.”

Funding the project

The total project cost is estimated at 3,749 million US dollars, which will be financed by the NDB (USD 500 million), Asian Infrastructure Investment Bank  (USD 500 million), Asian Development Bank  (USD 1,049 million), Japan Fund for Poverty Reduction (USD 3 million), and Government and Other sources (USD 1,707 million). The USD 500 million loan from the NDB has a tenor of 25 years withan8-year grace period.      
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