AIIB, GOI sign $500M loan to improve network capacity of Mumbai's suburban railway system

In a bid to improve network capacity, service quality, and safety of suburban railway system in Mumbai, government of India, government of Maharashtra, Mumbai Railway Vikas and Asian Infrastructure Investment Bank (AIIB) today signed a loan agreement for a $500 million. 

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It has been expected, that project would be increasing capacity of networks, quality of services, and reducing number of fatal accidents and time taken while traveling. 

" initiative will surely help in improving mobility, standard of amenities provided, and protection of travelers of suburban trains of city, by providing m transportation facilities that would be faster, more reliable and of better quality than what one would expect on ros. Safety benefits, to passengers and public, would be more direct since trespass control measures would be applied," said Sameer Khare, ditional Secretary, Department of Ecomic Affairs, Ministry of Finance, who has signed agreement on behalf of Government of India. 

About 86 percent of people living in city rely on public transports such as trains. However, supply has t been able to match demands. This mode of transport sees some of worse amounts of overcrowding on planet, said a press release. 

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According to website of AIIB, funds of project shall be used to quruple 64-KM long corridor between Virar and Dahanu, which would provide extensions of suburban railways and connect areas in periphery of city. 

funds of project shall also be utilized in constructing a new corridor between Panvel and Karjat, to keep up with increasing demands of urbanization and population expulsion. 

project shall also aim at installation of midsection trespass control measures. se would include segregating track by fencing or reinforced concrete wall, pedestrian crossings located eir below track or over tracks, to reduce fatal accidents. 

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"With a population of 22.8 million, Mumbai Metropolitan Region(MMR) is most populous metropolitan region in country. population is expected to reach 29.3 million by 2031 and 32.1 million by 2041. state of Maharashtra urgently needs to prioritize sound urban and infrastructure planning which balances ecomic activities and mobility," said  press release by Ministry of Finance. 

project represents a major step of supporting our member nations to provide transport while removing tough situations, and improving commuting of millions in city said D.J. Pandian, Vice-President of AIIB. 

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(with inputs from ncies)

(im credit: Ministry of Finance press release)