Mumbai Urban Transport Project-III: India signs USD 500 million loan agreement with AIIB
A loan agreement has been signed by the Central government of India, State Government of Maharashtra, Mumbai Railway Vikas Corporation, and the Asian Infrastructure Investment Bank for a Mumbai Urban Transport Project-III worth 500 million USD.
What is Mumbai Urban Transport Project-III?
It is a project supervised and implemented by the Mumbai Metropolitan Region Development Authority to improve the traffic and transport condition in the Mumbai metropolitan region with financial aid from various organizations.
How is the project going to help?
- It will ameliorate the suburban railway system network in Mumbai, ensuring better service quality and safety.
- About 22% of female passengers are expected to get benefited from enhanced safety and quality of service.
- The project will cut the total journey time and help to avoid fatal accidents.
Asian Infrastructure Investment Bank
AIIB is a multilateral development bank that was formed in 2015, with the aim of improving economic and social outcomes in Asia. At present, it has 103 members as well as 21 prospective members across the world. It is headquartered in Beijing, China.