Mumbai Rail Vikas Corporation: World Bank to give ₹6,130 crore loan for development projects

The officials of MRVC and World Bank had a meeting to discuss the loan for the development of suburban railway

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Mumbai Rail Vikas Corporation (MRVC) will receive a loan of six thousand and 130 crores rupees (₹6,130) from the World Bank for the Mumbai Urban Development Project – 3 (MUTP-3). 

This decision comes after the officials from MRVC and World Bank met on Tuesday in the MRVC’s office. World Bank official, however, reviewed the ongoing activities of MRVS over environmental issues. 

MRVC is working to expand Mumbai’s suburbs railway service which requires money and the cost of the projects will be provided by the central and state government. For this project, world bank will also provide the loan of ₹6,130 crores.

The MUTP-3 project is to cost around ₹10,947 crore and the world bank has taken information regarding MRVC’s current projects too. During the meeting, the World Bank officials gave a positive response regarding the loan and also suggested the development of the suburban railway. 

MRVC is working on the guidelines provided by the World Bank. Senior Railway official said that in the meeting, it was discussed that along with the development of the suburban railways, the environment should be in synergy.

MUTP-3 projects include Vasai-Virar Four Lane, Panvel-Karjat Suburban Dual Way and other projects. The loan taken for MUTP-3 projects will be repaid in the year 2038. The proposed MUTP-3 and MUTP-3A projects have been cleared.

Also Read - Development Plans For Suburban Railways In Mumbai


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