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JICA to fund metro projects in India [free access]

March 30, 2020

The Japan International Cooperation Agency (JICA) has signed loan agreements with the Government of India to provide over JPY58 billion as official development assistance (ODA) loans for the Mumbai Metro Line 3 and Ahmedabad–Gandhinagar Metro Phase I projects.

 

For Mumbai Metro Line 3, JICA is providing a JPY39.928 billion loan with a term of 30 years and a grace period of 10 years. The loan carries an annual interest rate of 1.15 per cent for non-consulting services and of 0.01 per cent for consulting services. Mumbai Metro Line 3 will span 33.5 km and cover 27 stations. It is currently under construction. Passenger services are expected to commence by end-2021.

 

For Ahmedabad–Gandhinagar Metro Phase I, JICA is providing a JPY13.967 billion loan with a term of 30 years and a grace period of 10 years. The loan carries an annual interest rate of 1.15 per cent for non-consulting services. Ahmedabad Metro Phase I involves development of two lines which will collectively span around 39 km. Currently, passenger services are available on a 6.4-km-long section. Phase I is expected to be fully operational by June 2022.

 

(1 JPY [Japanese Yen] = 0.009 USD)