Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project
Part of: GS Prelims and GS-III – Infrastructure
In news
Recently, the Ministry of Housing and Urban Affairs, National Capital Region Transport Corporation Limited (NCRTC) and the New Development Bank (NDB) signed a loan agreement for lending $500 million for the ‘Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project’.
Key takeaways
It is an 82.15 km long, under-construction, semi-high speed rail corridor connecting Delhi-Ghaziabad-Meerut.
It is one of the three rapid-rail corridors planned under Phase-I of Regional Rapid Transport System (RRTS) project of National Capital Region Transport Corporation (NCRTC).
The Rapid Transit System will provide a fast, reliable, safe and comfortable public transport system in the National Capital Region.
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.
It will help in reducing traffic congestion and total emissions from the transport sector in NCR.
Important value additions
New Development Bank
It is a multilateral development bank.
Jointly founded by: BRICS countries (Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014.
Objective: To support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.
Headquarter: Shanghai, China.
In 2018, the NDB received observer status in the United Nations General Assembly.
