The Mumbai Metropolitan Region Development Authority wants to fast forward the metro rail projects worth INR 36,000 crore in the metropolitan region by six years. As per report it wants to complete the 9 metro corridors by 2014 earlier planned for 2020.

Among other international funding agencies the World Bank has shown interest in funding the projects.

Mr Ratnakar Gaikwad commissioner of MMRDA along with Mr Roberta Zagha chief of World Bank's India while addressing a press conference said that due to the rapidly growing population of the region the associated transportation problems have increased manifold and therefore it wanted to advance the program by six years.

Mr Gaikwad said that MMRDA has already called for detailed project reports for all the corridors and the reports are likely to be completed in a month's time.

The reports added that the credit requirements for the project are huge and the authority is talking to a number of lenders.

Mr Gaikwad said that MMRDA's business plan up to 2031 for the whole of MMR region runs into USD 60 billion. He added that “International institutions including World Bank and the Japan Bank for International Cooperation have shown interest in our transport project. In essence we are seeking long term financial support from these institutions for our public transport projects.”

The first Versova Andheri Ghatkopar Metro Rail corridor is at an advance stage the soil testing for the second corridor from Charkop to Mankhurd via Bandra has almost been completed.

MMRDA has also submitted a proposal to the Centre for seeking its in principle approval to begin the tender processing for the third Colaba Bandra corridor.

Mr Gaikwad added that “It is this third corridor which is underground from Colaba to Mahalaxmi that will require huge viability gap funding notwithstanding the 40 % VGF agreed by the Government of India in principle.”

(Sourced from Business Line)