World Bank was expected to shoulder most of the cost of the project
Representational image
ASEAN Infrastructure Investment Bank(AIIB) is likely to loan Rs 3500 crore to the Mumbai Railway Vikas Corporation (MRVC) for the Mumbai Urban Transport Project-3.
MUTP-3 is worth nearly 11000 crore and included two new suburban corridors, quadrupling of an existing one and other projects.
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Earlier, World Bank was expected to shoulder most of the cost of the project with a loan of Rs 7000 crore. The rest of the responsibility was supposed to be taken by the state government and the centre.
According to the Railway budget of 2018-19, Rs 519 crore had been sanctioned for this project.
Talks hit a roadblock when the World Bank wanted the Panvel-Virar elevated corridor, which is included in MUTP-3A, to be included in MUTP-3.
An official told The Indian Express, “They have given us a positive response. If everything goes well, by the first week of June, there will be an official announcement.”
The official added, "We are waiting for the response. Once we get that, we will go ahead for international financial institutions to fund MUTP-3A."
Until now, the MRVC has taken a loan of Rs 1,602 crore for MUTP-1, pegged at Rs 4,452 crore; and Rs 1,750 crore for MUTP-2A, pegged at Rs 8,087.11 crore; from the World Bank.
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