The New Development Bank (NDB) of the BRICS countries has approved USD 241 million loan for Mumbai Metro and USD 500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project. The two loans were approved by the NDB Board, the Shanghai-based bank set up by the BRICS (Brazil, Russia, India, China, South Africa)said in statement on Friday. The USD 241 million loan for the Mumbai Metro Rail II Project will be used for the purpose of implementing a metro rail Line 6 with a length of about 14.47 km in the city of Mumbai.

The Mumbai Metro Rail II Project aims to improve Mumbai's transport and traffic conditions by providing a modern metro system, featuring high-capacity, safe and comfortable mode of transport, it said. Line 6 will provide much-needed rail-based connectivity between the western and eastern suburbs, and will contribute towards an integrated seamless public transport network in Mumbai. The Project will be implemented by the Mumbai Metropolitan Region Development Authority.