In a big boost for the infrastructure development of Nagpur, Asian Development Bank (ADB) has assured Rs 1,527 crore funding for the second phase of the Nagpur Metro Rail project. This has been part of a wider Rs 3,586 crore investment ADB and European Investment Bank (EIB) have made in order to speed up the metro network expansion in the city. The commitment was sealed when Maharashtra Chief Minister Devendra Fadnavis also joined the ceremony along with other key officials.
Phase II of Nagpur Metro Rail Project: A Shot in the Arm for Urban Development
The second phase of the Nagpur Metro Rail Project is set to cover a total distance of 43.8 kilometers, significantly expanding the city’s metro network. The financial assistance from ADB will help expedite the development of four key routes within this phase. With this expansion, Nagpur’s metro system is poised to benefit nearly 1 million residents, improving connectivity and reducing traffic congestion.
Important Features of Phase II of Nagpur Metro
Phase II of the Nagpur Metro Rail Project will have four major routes that would be crucial in elevating the city’s transport infrastructure to a better extent:
Khapri to MIDC ESR (18.5 km): The connectivity with the important industrial and commercial locations to the central network of the city.
Automotive Square to Kanhan River (13 km): connecting significant urban and suburban centres;
Prajapati Nagar to Transport Nagar: enhancing connectivity towards key nodes and transport stations (5.6 km);
Lokmanya Nagar to Hingna: enhancing connectivity towards key loci of important residential and commercial areas (6.7 km).
These corridors will provide freeways for the daily commutee; this will eventually reduce the time of travel and yet provide a cleaner, efficient option of traveling compared to traveling by road.
Loan Arrangement and Finance Assistance
The total funding for Phase II is Rs 3,586 crore, of which the ADB will provide Rs 1,527 crore and the rest will be by EIB. The amount coming from ADB would be in Japanese Yen, thereby keeping the interest rates on loan low. The loan shall be made available to MahaMetro, the implementing agency for this project, through the Union Ministry of Housing and Urban Affairs, MoHUA.
This facilitating loan scheme will help alleviate the financial burden from local bodies and hasten the project to completion while maintaining it on economic levels. The objective is to elevate Nagpur as a city among the other cities that are seen with urban potential in the near future and possess enough, up-to-date transportation infrastructure.
Importance of the Project towards the Development of Nagpur
Chief Minister Devendra Fadnavis said the metro project will bring a growth rate in Nagpur and its satellite cities at least by three times the earlier estimate. When completed, it will significantly contribute to a better quality of air and lesser traffic congestion while giving more connectivity to the city for its citizens.
The metro will also contribute to economic development by facilitating access to industrial areas, business districts, and residential areas. With the international financial institutions’ support of ADB, Nagpur’s metro expansion will help its residents for a long time by making daily commutes easier and more sustainable.
Project Impact on Nagpur Residents
The increased metro network will, directly or indirectly, affect more than 1 million people who reside in Nagpur. The connectivity will be enhanced and therefore make the movement between residential, commercial, and industrial areas a cheap and safe mode of transport. This means the quality of life will be improved for Nagpur’s citizens at the same time making the city more attractive for businesses and investors.
Over time, it will reduce the congestion of traffic, hence lead to faster times and pollution levels reduction. The project of Nagpur Metro Phase II, with increasing population and need for public transport, is a step forward for the city to fulfill its future requirements.
Conclusion
Financial investment from the Asian Development Bank worth Rs 1,527 crore under Phase II of the Nagpur Metro Rail Project. That financial contribution will go toward its metro expansion with the collaboration of European Investment Bank in making Nagpur’s successful extension for its metro connectivity benefits the millions of city’s dwellers and speeding the development of the metropolis. As Nagpur transitions toward becoming a modern city, its metro expansion projects will be leading ones in determining the development process of the future.
Refer :
IndianExpress, Link to article
Also read : Afcons Infrastructure Shares Jump 8% After Bags Rs 1,007 Cr Bhopal Metro Rail Contract