The Asian Infrastructure Investment Bank (AIIB) and India’s government agreed on a USD 500 million loan for the modernisation of Mumbai suburban railway network.
The funding will contribute to quadrupling 64 km of Virar-Dahanu rail corridor, to provide an extension of the suburban railway service to connect peripheral areas with Mumbai.
The project will also see the construction of a new 28-km suburban railway corridor between Panvel and Karjat, to cater to commuters in the area under rapid urbanisation and population growth.
The project will also see the installation of control measures on 36 priority sections of existing lines to reduce fatal accidents. These measures include track segregation by fencing or using reinforced concrete walls and pedestrian crossings over or under the tracks.
With a population of about 12 million, railway is the primary mean of transport in Mumbai, where the suburban network totals almost 400 km and carries more than 7.5 million passengers a day.
AIIB will continue aligning its commitments with the government’s priorities, with the Bank serving as a catalyst to India’s continued development,” AIIB Vice President, Jagatheesa Pandian, said.