GoI and AIIB sign MoU for $500 million for Mumbai Urban Transport Project-III

The Government of India, the Government of Maharashtra, Mumbai Railway Vikas Corporation and the Asian Infrastructure Investment Bank (AIIB) has signed a loan agreement for a $500 million Mumbai Urban Transport Project-III.

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The aim of the project is to improve the network capacity, service quality and safety of the suburban railway system in Mumbai. With a population of 22.8 million (2011), Mumbai Metropolitan Region (MMR) is the most populous metropolitan region in India and is expected to reach 29.3 million by 2031 and 32.1 million by 2041.

Important takeaways for all competitive exams: 

  • President of Asian Infrastructure Investment Bank: Jin Liqun.
  • Headquarters of AIIB: Beijing, China.
  • AIIB established: 16 January 2016.

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