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You are here: Home » National News » Infrastructure» Japan sanctions INR 8,600 cr for Mumbai trans-harbour link project

Japan sanctions INR 8,600 cr for Mumbai trans-harbour link project

01 April 2017 | Mumbai
 

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The Japan International Cooperation Agency (Jica) today said signed an agreement with the MMRDA to provide 144,795 million yen, or around INR 8,600 crore, official development assistance (ODA) loan for the ambitious trans-harbour link project in the city (MTHL).

Jica said in a statement, "The financial assistance would be utilised to develop an expressway link comprising a dual three-lane main- carriageway bridge connecting Sewri on the northeastern periphery of Mumbai to Chirle in Navi Mumbai.”

The loan is offered at concessional rate of yen-London inter-bank offered rate plus 0.1% for the project activities and 0.01% for consulting services with a 30-year repayment period, including 10 years of grace period.

The agreement was signed in New Delhi between Takema Sakamoto, chief representative of Jica's India office, and the Mumbai Metropolitan Region Development Authority (MMRDA) commissioner U P S Madan.

Sakamoto said that "The MTHL would bring a major change in the development of Mumbai and its suburban areas. The link would provide a crucial connectivity for the proposed Navi Mumbai airport and promote socioeconomic development of the entire Mumbai metropolitan region.”

In a separate statement, MMRDA said the agreement has been signed for the disbursement of the first tranche of INR 7,910 crore which is about 45% of the total cost of the project.

Madan said, "This is a big boost to the close to INR 18,000-crore MTHL as we have already shortlisted contractors, who have been issued requests for proposal for the execution of the project.”

The consortium of Aecom-Dar-Padeco-Ty Lin have been appointed as general consultants for the 22 kilometer (km) long link which is envisaged to be completed by 2021-22.

   
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