New Development Bank, also known as BRICS Bank has approved infrastructure projects worth 741 million dollars in India.
About:
Its Board of Directors approved a loan of USD 500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project and a loan of USD 241 million for Mumbai Metro Rail II (Line 6) Project.
The loan for Delhi NCR region would be used by Government of India for on-lending to the National Capital Region Transport Corporation Limited (NCRTC) for construction of a rapid rail corridor connecting the NCT of Delhi with the cities of Ghaziabad and Meerut in Uttar Pradesh.
The loan for Mumbai Metro will be used by the Government of India for on-lending to the Government of the State of Maharashtra for implementing a metro rail Line 6 with length of about 14.47 km in the city of Mumbai. The Project will be implemented by the Mumbai Metropolitan Region Development Authority.
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