US agencies keen to fund Metro project: MMRDA.

In addition to the multilateral financial agencies that are eager to fund the construction of the Metro rail network in the city, the Mumbai Metropolitan Region Development Authority has recently been approached by private US-based agencies who have shown interest in funding the Metro projects.

Various multilateral agencies, including the World Bank, Japan International Cooperation Agency, Asian Development Bank and KfW Development Bank, have expressed their interest to fund the multi-crore infrastructure projects.

Senior MMRDA officials said that the private agencies have approached MMRDA and they have had preliminary discussions about funding. 'There are a few agencies that are interested, so we have had some preliminary discussions with them. We are seeing if it becomes feasible,' confirmed UPS Madan, Metropolitan Commissioner, MMRDA.

MMRDA has prepared its master plan to initially construct 118 km of Metro rail network in and around the city. According to MMRDA, the 118-km network is estimated to cost Rs. 35,400 crore. The nodal agency for the metro project envisages having a comprehensive network of Metro rail in the Mumbai Metropolitan Region, and is currently planning to update its master plan to add more routes.

According to Madan, the funds that are offered are in the form of bonds and not 'normal loans'. “These are private agencies and not any institutions as such. They are talking about international bonds, not really normal loans as such, so we will see the feasibility and then decide if we can go further,' Madan added. He further said that the offer is at a very nascent stage and nothing is finalised yet.

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