India and the Asian Development Bank (ADB) sealed a pact on December 15 for a 37 billion Japanese Yen ($250 million) loan to sustain the development of the 82-kilometre Delhi-Meerut Regional Rapid Transit System (RRTS) corridor.
This corridor, traversing densely populated segments of the national capital region, promises swift, secure, and high-capacity commuting services. By drastically reducing travel time from 3-4 hours to approximately one hour, it is poised to broaden economic horizons and job prospects in the area.
Connecting Delhi with neighboring state cities
In 2020, ADB greenlit a $1,049 million Multi-tranche Financing Facility (MFF) to support the RRTS project, the foremost among three pivotal rail corridors outlined in the NCR Regional Plan 2021. This plan aims to knit Delhi with neighboring state cities. The RRTS will boast multi-modal hubs, facilitating seamless transitions between various transport modes. The initial installment of the ADB loan stood at $500 million, complemented by an additional $500 million in co-financing from AIIB.
Joint Secretary at the Ministry of Finance Juhi Mukherjee highlighted post-agreement that this investment initiative would empower RRTS to elevate urban mobility, extending its economic advantages to women and differently-abled individuals.
ADB’s Deputy Country Director Hoe Yun Jeong emphasized the pivotal role of ADB financing in constructing an environmentally conscious and efficient railway network. He projected a substantial reduction in CO2 emissions, fostering significant contributions to climate change mitigation through this corridor.
