AIIB Loan for Mumbai Urban Transport Project -3

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.