The Japan International Cooperation Agency (JICA) has issued the fifth and final tranche of its ₹4,474-crore official development assistance (ODA) loan for the Mumbai Metro Line 3 Project, the agency said in a statement on Friday. Line 3, the last remaining part of the Mumbai Metro project, will connect several major landmarks, educational institutions and business centres of the city.
Earlier this week the Mumbai Metro Rail Corporation (MMRC) revealed the revised project cost for the underground Metro Line 3, which will link Colaba to Bandra and SEEPZ in Santacruz. JICA has increased its total assistance from ₹13,235 crore to ₹21,280 crore.
"The project aims to cope with the increase in traffic demand in Mumbai by expanding the mass rapid transportation system, promoting regional economic development, and improving the urban environment through the mitigation of traffic jams and the reduction of pollution caused by motor vehicles," JICA said.
"This project aligns with the government of India's priority to enhance urban mobility and promote sustainable development in major metropolitan areas," JICA said in the statement. "By improving public transportation infrastructure, it aims to reduce traffic congestion, decrease air pollution, and boost economic productivity in Mumbai, India's financial capital," it added.
When the line is operational, the journey from the domestic airport station to Cuffe Parade station (the southernmost station on the line) will take about 45 minutes. This journey can take more than two hours by car during peak traffic time.
Saito Mitsunori, the chief representative of JICA’s India office said the inauguration ceremony for Phase 1 (Aarey Colony to BKC) is likely to be held in the second quarter of FY25 (July-September).
"Since September 2013, when the first loan of the Mumbai Metro Line 3 Project was signed, Mumbai Metro Rail Corporation Limited has been making commendable efforts and there has been steady and satisfactory progress despite several challenges," Mitsunori added.
