Government Signs Final Tranche Loan Agreement With JICA; Mumbai Metro Line-3 Funding Completed

An important step forward in the financing of the Mumbai Metro Line-3 project was taken on Friday when the Indian government signed the fifth and final tranche loan agreement with the Japanese International Cooperation Agency (JICA). MMRC representatives were also able to watch the signing ceremony online. It took place at the Department of Economic Affairs (DEA) headquarters.

The agreement was signed by Japan’s ambassador to India, Hiroshi Suzuki, and Manisha Sinha, additional secretary of the Department of Economic Affairs (DEA), on behalf of the Government of India. The revised project cost of Mumbai Metro Line-3 is Rs 37,276 Crore, with a 57.09% JICA loan of Rs 21,280 Crore, according to the GoI clearance dated February 29, 2024. The finance for the Metro Line 3 project is now complete thanks to the JICA loan arrangement for Tranche V, which is worth 84 billion Japanese Yen (about Rs 4657 crore). Signing took place on September 17, 2013.

Source – Free Press Journal

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