New Development Bank will lend $500 million for the Delhi-Ghaziabad-Meerut regional rapid transit system project. The loan has a tenure of 25 years with an eight-year grace period.
An agreement to this effect was signed by the ministry of housing and urban affairs, NCR Transport Corporation Ltd and NDB here today.
The total project cost is estimated at $3.75 billion, which besides NDB will be financed by Asian Infrastructure Investment Bank to the tune of $500 million, Asian Development Bank ($1,049 million), Japan Fund for Poverty Reduction ($3 million), and government and other sources ($1,707 million).
The daily passenger traffic along the Delhi-Ghaziabad-Meerut corridor in NCR is estimated at 0.69 million, of which 63 per cent utilize private vehicles for commuting. Due to traffic congestion, it can take 3-4 hours to travel between Delhi and Meerut in Uttar Pradesh by road during peak hours.
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