India signs 500 mln USD loan agreement with AIIB for improvement of Mumbai suburban railway
The Indian government Monday signed an agreement worth 500 million U.S. dollars with the Asian Infrastructure Investment Bank (AIIB) to improve the network capacity, service quality and safety of the suburban railway system in Mumbai, the capital city of Maharashtra, officials said, Trend reports citing Xinhua.
"The government of India, the government of Maharashtra, Mumbai Railway Vikas (development) Corporation and the Asian Infrastructure Investment Bank (AIIB) today signed a loan agreement for a 500 million U.S. dollars Mumbai Urban Transport Project-III to improve the network capacity, service quality and safety of the suburban railway system in Mumbai," a statement issued by the Ministry of Finance said.
According to officials, the project is expected to increase network capacity in the region with the reduction in journey time and fatal accidents of commuters.
"This project will assist in improved mobility, service quality and safety of passengers of the suburban railway system of Mumbai, by providing faster, more reliable and higher quality transport services compared to road-based transport," said Sameer Kumar Khare, a senior official from the finance ministry.
"This project represents another major step in supporting our member countries in their efforts to provide transport capacity while removing transport bottlenecks and thus improving the daily commuting experience of millions of Mumbaikars (residents of Mumbai)," AIIB Vice President D J Pandian said.