The Mumbai Rail Vikas Corporation (MRVC) has been appointed by the Ministry of Railways to initiate various developmental projects for the city's Central Railways and Western Railways. One such project was the Mumbai Urban Transport Project-3 which was cleared by the Railways in 2016 but due to lack of financial resources, the project never began.
However, soon the MUTP-3 might see the light of the day as it has received financial aid of ₹3,500 crore. Since the last few months, MRVC has been constantly trying to get Asian Infrastructure Bank to support the project and provide a loan for the transport project. In regards to this, there were numerous meetings held between the two parties and accordingly, and as a result, the bank has agreed to provide financial aid.
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Earlier, MRVC had approached the World Bank for the MUTP-3 project which consisted of the quadrupling of lines between Virar and Dahanu and a new rail corridor between Panvel and Karjat. However, the meeting between the two did not reach any results and therefore, the World Bank exited the plan.
After which, there were talks with numerous banks but they never reached a conclusion. However, at last, the Asian Infrastructure Bank agreed to fund the development project.
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