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ADB extends $500 mn loan for Delhi-Meerut RRTS Corridor
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SME Times News Bureau | 08 Sep, 2020
The Asian Development Bank (ADB) on Tuesday signed an agreement with the
Indian government to extend a $500 million loan for building the 82-km,
high-speed Delhi-Meerut Regional Rapid Transit System (RRTS) corridor.
This
will be the first tranche of total $1 billion facility that the
multilateral funding agency had agreed for the infrastructure project
that will improve regional connectivity and mobility in India's national
capital region (NCR).
The loan agreement was signed by Sameer
Kumar Khare, Additional Secretary, Fund Bank and ADB, Department of
Economic Affairs in the Ministry of Finance and Kenichi Yokoyama,
Country Director of ADB's India Resident Mission.
The first
tranche of the loan will support construction of the first of three
priority rail corridors planned under the NCR Regional Plan 2021 to
connect Delhi to other cities in adjoining states.
"The project
will provide better connectivity to allow other towns in the NCR to
develop as urban economic centres surrounded by residential areas while
easing the concentration pressure on Delhi," said Khare.
"Development
of this corridor will have a huge demonstration effect and pave the way
for a paradigm shift in mobility and the pattern of urban development
within the region."
Yokoyama said: "The project is expected to
have a transformational impact on the development trajectory of the
national capital region by introducing high-level technologies for RRTS,
signalling, and station designs.
"Besides, the project will also
support transit-oriented development (TOD) with systematic urban and
land use planning around the RRTS corridor while promoting value capture
financing (VCF) to generate additional municipal revenues."
With
a design speed of 180 km per hour and high-frequency operations of
every 5-10 minutes, the 82-km corridor connecting Sarai Kale Khan in
Delhi to Modipuram in Meerut in Uttar Pradesh is expected to reduce the
journey time to about 1 hour from the present 3-4 hours. The RRTS will
have multimodal hubs to ensure smooth interchange with other transport
modes.
The first tranche financing will be used for constructing
electrified tracks, signalling systems, multimodal hubs and stations
with design features that are friendly to elderly, women, children and
the disabled.
It will also support the National Capital Region
Transport Corporation (NCRTC) in drafting action plans on TOD, VCF
instruments and public-private partnership (PPP) initiatives, setting up
a smart-technology based platform, and formulating a gender-friendly
workplace policy.
A $3 million grant from ADB's Japan Fund for
Poverty Reduction will support various activities, including provision
of visual, hearing and mobility aids, such as wheelchairs for
differently abled persons. Training for women and differently abled on
safe mobility and employment opportunities and behavioral change for
public transport providers will also be given.
The
ADB-administered multi-donor Urban Climate Change Resilience Trust Fund
will provide $2.89 million to support innovations in building
information modeling, universal access design features, TOD and VCF.
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