State agrees to back MMRDA as guarantor for Metro projects

 Mumbai
State agrees to back MMRDA as guarantor for Metro projects

Mumbai – The state government, which had earlier declined to act as guarantor for the Mumbai Metropolitan Development Corporation Ltd.’s Metro 2 and Metro 7 projects, has now agreed for the same. The letter stating the government's acceptance will be handed over to MMRDA, says Dilip Kavatkar, MMRDA PRO.

Huge funds are required for both Metro 2 and Metro 7 projects, and these are being raised through loans from institutions like the Asian Development Bank. The MMRDA needed the state to pose as a guarantor to get the loans processed. The state government, which was till now reluctant to accede to the MMRDA's request, appears to have changed its mind now. 

Read earlier story-
METRO 2A, METRO 7 PROJECTS HIT BY FUNDING WOES

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