$ 500M BRICS bank loan for Delhi-NCR suburban train system: The Tribune India

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Tribune news service

New Delhi, November 19th

The center signed a $ 500 million (Rs.3,700 billion) loan agreement with the New Development Bank (NDB) on Thursday to fund one of its suburban rail corridors in the NCR.

In early September, the center took out another US $ 500 million loan to finance the Delhi-Ghaziabad-Meerut (RRTS) rapid transit corridor.

The government also plans to borrow from the Asian Infrastructure Investment Bank (AIIB). Both NDB and AIIB are headquartered in China.

The loan agreement was signed on the NDB side by its Chief Operations Officer Xian Zhu.

The loan is used to finance the rolling stock, the signaling system, the operating structures, the apartments for the operating staff, the train control and telecommunications system and other other work in the corridor.

The 82 km long RRTS corridor Delhi-Ghaziabad-Meerut with project costs of 30.274 billion rupees is being co-financed as part of a parallel financing with these multilateral credit institutions.

The elevated corridor will have 24 stations and of the 82 km distance, 11.5 km will be underground.

Civil engineering work is in progress along more than 50 km of this 82 km long corridor, according to an official press release.

The 17 km long priority section between Sahibabad and Duhai is scheduled to go into operation in 2023, and the entire corridor is to go into operation in 2025.

In the first phase, three corridors will be recruited – Delhi-Ghaziabad-Meerut, Delhi-Gurugram-Alwar and Delhi-Panipat. They will converge and be interoperable at Sarai Kale Khan in Delhi, read the press release.

The RRTS stations will be seamlessly integrated into nearby modes of transport such as subway stations, ISBTs, train stations and airports. This clean and environmentally friendly rail-based system will set a benchmark for similar future projects, the publication added.

“This is a unique multilateral funding arrangement that enables Make in India to be deployed on procurements,” said Vinay Kumar Singh, Managing Director of NCRTC.

“With features such as multimodal integration and interoperability, RRTS will lead to polycentric development and significantly reduce pollution and congestion in NCR by providing fast, reliable, secure and weather-independent connectivity,” said Vinay Kumar Singh.

The implementation of the RRTS corridor Delhi-Ghaziabad-Meerut will enable a modal shift in favor of public transport. The proportion of public transport in the region is expected to increase from 37 percent to 63 percent, which will help significantly reduce congestion and pollution.

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