The Government of India and the New Development Bank(NDB) have signed a loan agreement for lending USD 500 million for the ‘Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project’. This Regional Rapid Transit System provide fast, reliable, safe and comfortable public transport system in the National Capital Region (NCR).
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About the Transit System Project:
- The fast transit system will support in achieving the goal of sustainable urban development in the NCR region including the National Capital Territory of Delhi.
- The environment friendly and very low emission RRTS will carry many times more people at high speed (average speed 100 kmph) while occupying just 3 m space on land thus reducing congestion on the roads.
- Seamless high-speed connectivity will result in balanced economic development across the Region leading to economic benefits to all strata of society and many nodes of development rather than all economic activity happening at one place.
About the funding:
- NDB funding will be provided to finance rolling stock for modern design, energy-efficient operations and interoperability across corridors.
- NDB funds will also be utilized for procuring signalling, telecommunication and train control system with advanced features such as automatic train operation, automatic train protection, automatic train supervision and integration with platform screen doors.
- The Project can serve as a demonstration for developing high capacity rapid urban transit corridors in other urban areas of India.”
- The total project cost is estimated at USD 3,749 million, which will be financed by the NDB (USD 500 million), Asian Infrastructure Investment Bank (USD 500 million), Asian Development Bank (USD 1,049 million), Japan Fund for Poverty Reduction (USD 3 million), and Government and Other sources (USD 1,707 million).
- The USD 500 million loans from the NDB has a tenor of 25 years withan8-year grace period.
About the National Capital Region (NCR):
- The NCR is among the world’s largest urban agglomerations and a major economic centre of India. Due to the lack of efficient public transport options, the number of private vehicles in NCR has increased.
- The daily passenger traffic along the Delhi-Ghaziabad-Meerut corridor in NCR is estimated at 0.69 million, of which 63% utilize private vehicles for commuting.
- Rapid growth in vehicular traffic has made NCR one of the most polluted regions in the world.
- By 2030, NCR is projected to become the most populous urban agglomeration in the world, which will increase pressure on basic infrastructures such as housing, water supply, electricity and transport.
Important takeaways for all competitive exams:
- New Development Bank Headquarters location: Shanghai, China.
- President of the New Development Bank: Marcos Troyjo.