Team Blitz India
NEW DELHI: The Government and Asian Development Bank (ADB) on December 19 signed an agreement for a $500 million loan that will continue financing the construction of the 82-kilometre Delhi-Meerut Regional Rapid Transit System (RRTS) corridor. Earlier, ADB had approved another $250 million multi-tranche financing facility (MFF) for the project in 2020 to support construction of RRTS.
The RRTS will have multi-modal hubs to ensure smooth interchange with other transport modes. The investment project will enable the RRTS to improve urban mobility, and the project’s economic impacts will also benefit women and the differently abled.
Passing through the populated sections of the national capital region, the 82-km corridor will provide fast, safe, and high-capacity commuter transit services, expanding economic and employment opportunities in the region by cutting travel time from 3-4 hours to about 1 hour.
Simultaneously, the Government and ADB have signed another $ 250 million loan for industrial corridor development in India. The policy-based loan will make manufacturing more competitive, strengthen national supply chains and links with regional and global value chains, and create more and better jobs.
