$500 million AIIB loan for Railway projects

MUMBAI: Capacity expansion projects for the

Railway corridors

under Mumbai Urban Transport Project (III) have got a major boost as the Asian Infrastructure

Investment

Bank (AIIB) has approved a loan of $500 million.


AIIB’s board of directors in October approved a total loan of $575 million,

including

$500 million for Railway projects.

“Over the past four years, AIIB’s investments in India have grown exponentially,” said AIIB vice-president and chief investment officer D J Pandian. This is expected to fasttrack work on Mumbai’s suburban railway network, improving the safety and commute of millions of passengers across the city. The funds will contribute to quadrupling of the 64-km Virar-Dahanu Road corridor to connect peripheral areas with Mumbai. The project will also see construction of a new 28-km suburban railway corridor between Panvel and Karjat to cater to commuters in the area. Additionally, there will be installation of control

measures

on 36 priority sections of existing lines to reduce fatal accidents. These measures include track segregation by

fencing

or using reinforced concrete walls and pedestrian crossings over or under the tracks.