JICA Signs Final Loan Tranche, Completes Mumbai Metro Line 3 Funding

The Japanese International Cooperation Agency (JICA) has finalised a Rs 4,657-crore loan for the Mumbai Metro Line 3 project. This marks the fifth and last tranche of funding for the 33.5-kilometre underground metro line, which links Colaba in South Mumbai to Bandra and SEEPZ in Andheri East. The agreement was signed by Manisha Sinha, DEA additional secretary, and Hiroshi Suzuki, Japan's Ambassador to India.

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Completion of Funding

The Mumbai Metro Rail Corporation (MMRC) confirmed that the JICA loan agreement for Tranche V, worth Japanese yen 84 billion (Rs 4,657 crore), completes the financial requirements for Metro Line 3. The initial tranche agreement was signed on September 7, 2013. According to MMRC, this final tranche highlights JICA's unwavering support for metro projects in India, particularly in Mumbai.

Project Details and Costs

The revised project cost for Mumbai Metro Line 3 is Rs 37,276 crore, as approved by the Government of India on February 29, 2024. JICA's contribution amounts to Rs 21,280 crore, covering 57.09% of the total cost. R Ramana, director of Planning and Real-estate Development/NFBR at MMRC, stated that JICA has been a crucial partner since the project's inception.

Upon completion, this fully underground corridor will feature 27 stations and connect six business districts. It will also link 30 educational institutes, 30 recreational facilities, and both domestic and international airport terminals. The metro line is expected to serve over 16 lakh commuters daily.

In a release, MMRC emphasised that JICA's consistent support has been vital in advancing the project towards operational status soon.