The Mumbai Metropolitan Region Development Authority (MMRDA) has achieved a significant milestone by securing a whopping loan amount of Rs 31,673.79 crores from the Power Finance Corporation (PFC). This landmark agreement is set to propel the development of nine crucial infrastructure projects, ultimately reshaping the transportation network within the Mumbai Metropolitan Region (MMR).
The loan, finalised through a formal agreement signed between MMRDA and PFC on Wednesday, signifies a major step towards the implementation of key initiatives aimed at enhancing connectivity, driving economic growth, and elevating the overall quality of life for residents in the region. Under this funding arrangement, 80 per cent of the total project costs will be covered by the loan, with the remaining 20 per cent sourced from government grants and MMRDA contributions.
A substantial portion of the sanctioned loan amount, Rs. 15,071 crores, has been earmarked specifically for the Thane-Borivali Twin Tunnel Project. This transformative endeavor seeks to significantly reduce travel time between the bustling cities of Thane and Borivali, offering vital relief to the multitude of commuters who traverse this busy route daily.
The remaining allocation of Rs 16,602.79 crores will be directed towards supporting eight other noteworthy infrastructure projects. These initiatives include the construction of the Thane Coastal Road (Phase I), the extension of the Eastern Freeway from Ghatkopar to Thane, and the establishment of an elevated road linking National Highway No. 4 to Katai Naka.
Furthermore, additional projects encompass the construction of multiple creek bridges and access roads connecting Thane, Kharbao, Bhiwandi, and surrounding locales, as well as the development of elevated roads along the Eastern Express Highway and Kalyan Murbad Road. The infusion of financial support from PFC is poised to expedite the progression of these vital projects, many of which form an integral part of Mumbai’s long-term urban development strategy.
The successful acquisition of this substantial loan underscores MMRDA’s commitment to advancing infrastructure and fostering sustainable growth within the Mumbai Metropolitan Region. As these transformative projects take shape, they are poised to revolutionize the region’s transportation landscape, ultimately paving the way for a more connected, prosperous, and vibrant future for Mumbai and its residents.
(With agency inputs)