Mumbai: The Government of India signed the fifth and final tranche loan agreement with Japanese International Cooperation Agency (JICA) on Friday, marking a significant milestone in the funding of Mumbai Metro Line-3 project. The signing ceremony, held at the Department of Economic Affairs (DEA) office, was also witnessed by MMRC officials online.
On behalf of GoI, Additional Secretary, Department of Economic Affairs (DEA), Manisha Sinha and Japan's Ambassador to India, Hiroshi Suzuki, signed the agreement.
As per the GoI approval dated February 29, 2024, the revised project cost of Mumbai Metro Line-3 is Rs 37,276 Crore, with 57.09% JICA loan amounting to Rs 21,280 Crore. The JICA loan agreement for Tranche V, amounting to 84 billion Japanese Yen (Rs 4657 Crore) completes the funding for Metro Line 3 project. The first tranche was signed on September 17, 2013.
“Signing of the final tranche of JICA loan agreement underscores JICA's unaltered commitment to Metro projects in India and especially Mumbai. Since the project's inception, JICA has been an invaluable partner, continuously aiding its progression towards operations shortly," said, Director (Planning & Real Estate Dev./ NFBR), MMRC, R Ramanna.
