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AIIB Loan for Mumbai Urban Transport Project -3

  • IASbaba
  • September 2, 2020
  • 0
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AIIB Loan for Mumbai Urban Transport Project -3

Part of: GS-Prelims and GS-II – International Relations; Global Groupings 

In News:

  • A loan agreement for a USD 500 million for Mumbai Urban Transport Project-III (MUTP-III) was signed recently..
  • Signatories: Central Government, Maharashtra Government, Mumbai Railway Vikas Corporation and the Asian Infrastructure Investment Bank (AIIB) 

Important value additions

Mumbai Urban Transport Project-III (MUTP-III)

  • It is a project supervised and implemented by the Mumbai Metropolitan Region Development Authority (MMRDA).
  • Objective: To enhance the network capacity, service quality and safety of Mumbai’s suburban railway system. 
  • Deadline for completion: 2022.
  • Major Objectives: (1) Improve traffic and transportation situation in MMR. (2) Institutional development and strengthening.
  • Network capacity in the region will increase.
  • Mobility will increase.
  • Journey time and fatal accidents of commuters will reduce.
  • Carbon emissions will reduce since passengers will shift away from higher-carbon road transport.

Do you know?

The Asian Infrastructure Investment Bank 

  • It is a multilateral development bank that aims to improve economic and social outcomes in Asia. 
  • The bank currently has 103 members as well as 21 prospective members from around the world
  • India is the largest beneficiary of AIIB financing for infrastructure projects. Some major AIIB-approved projects in India:
    1. Bangalore Metro Rail Project (USD 335 million).
    2. Gujarat Rural Roads (MMGSY) Project (USD 329 million).
    3. India Infrastructure Fund.
    4. Andhra Pradesh 24×7 – Power For All Project.
    5. USD 750 Million for Covid-19 support for India.

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