Asian Development Bank (ADB) has given in-principle nod for financing four metro rail projects and a Rs 30,000 crore rapid rail corridor between Delhi and Meerut as part of its effort to improve urban transport system in India.
Simultaneous discussion are going on with other multi-lateral funding agencies for co-financing of these large urban transport projects in India including Bhopal and Indore Metro projects, ADB Director General (South Asia) Hun Kim said Wednesday.
In addition, other projects especially expansion of Chennai and Bengaluru Metro are also under consideration, he said at the Annual Meet of ADB here.
"ADB has in-principle agreed to finance these projects with the Centre, which is the guarantor. It depends on the client. If they complete the formalities, we're ready to go (for final approval from the board)," he said.
ADB has funded Jaipur Metro and expansion of Mumbai Metro in the past.
On rapid rail project between Delhi and Meerut (in Uttar Pradesh), Kim said Regional Rapid Transport System (RRTS) is a huge project and ADB is looking to co-finance with other multi-lateral funding agencies including Asian Infrastructure Investment Bank.
Earlier this year, the government approved construction of a Rs 30,274 crore worth RRTS to connect the national capital with Meerut through Ghaziabad (in Uttar Pradesh). The 82 kilometer-stretch will be covered in less than 60 minutes,