“The discussion with World Bank was at an informal level. DEA (Department of Economic Affairs) decides on the financing agency. Apart from that we have had informal discussions with various other multilateral financial institutions.”
Mumbai : As the Mumbai Metropolitan Region Development Authority (MMRDA) continues to resolve the challenge of locating a land for depot for the Colaba-Bandra-SEEPZ metro corridor, the authority has started deliberation on the funding for the forth metro corridor.
The MMRDA has already submitted proposal of the fourth metro corridor to the State government. The line would be developed as a 32-km Wadala-Ghatkopar-Thane-Kasarvadavali corridor, which will be mostly underground with a partially elevated stretch. The estimated cost of the corridor is Rs 19,097 crore.
Apart from the World Bank, which has informally expressed interest to fund the corridor what would link the eastern suburbs to Thane, MMRDA has had informal discussion with various financial institutions. “The discussion with World Bank was at an informal level. DEA (Department of Economic Affairs) decides on the financing agency. Apart from that we have had informal discussions with various other multilateral financial institutions,” said Sanjay Sethi, additional metropolitan commissioner, MMRDA.
MMRDA officials said that global financial institutions such as Asian Development Bank (ADB), World Bank (WB) and Japan International Cooperation Agency (JICA), which is funding the Colaba-Bandra-SEEPZ metro corridor, are in the fray. According to officials, WB which is known for its stiff interest rates has offered loan at a competitive rates.
Once the proposal for the fourth corridor is cleared by the cabinet, it will be forwarded to the Centre to facilitate the loan process from any of global financial institutions.
Even as Chief Minister Devendra Fadnavis, in April 2015, had announced and assured MLAs in the state assembly that the foundation laying of the Wadala-Ghatkopar-Thane-Kasarvadavali corridor would be held before this year end, but the progress on ground seems much slower. “Work on Colaba-Bandra-SEEPZ corridor is in a much advanced stage right now with bids already out, etc. So there is no comparison about the progress of corridor three and four; we are still to get cabinet nod for corridor four,” a senior State government official said. Facilitation of the loan procedure alone would take over a year.
Wadala-Ghatkopar-Thane-Kasarvadavali corridor will provide an alternative to existing overcrowded trains on the Central line to far-flung eastern suburbs and Thane, including the city’s new developing area of Ghodbunder Road. The 32-km line will be underground from Wadala to Kapurbawdi while the rest of the stretch up to Kasarvadavali will be elevated.
Swapnil Rawal