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:
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- Bangalore Metro Rail Project (USD 335 million).
- Gujarat Rural Roads (MMGSY) Project (USD 329 million).
- India Infrastructure Fund.
- Andhra Pradesh 24×7 – Power For All Project.
- USD 750 Million for Covid-19 support for India.
