Maharashtra Secures Rs 1,527 Crore Funding for Nagpur Metro Phase II

The Maharashtra government has secured Rs 1,527 crore from the Asian Development Bank for the Nagpur Metro project phase II. Signatories included MahaMetro's Shravan Hardikar and ADB’s Mio Oka. The funding will support a 43.8 km expansion, aiding approximately one million residents.

The Maharashtra government has successfully inked a financial deal with the Asian Development Bank (ADB) worth Rs 1,527 crore for the development of phase II of the Nagpur Metro project. The memorandum of understanding was signed by MahaMetro's managing director Shravan Hardikar and ADB's director Mio Oka.

Present at the signing was Chief Minister Devendra Fadnavis, who emphasized that the project would significantly boost the development of Nagpur and its environs. The overall financial package for the project includes an additional Rs 2,059 crore from the European Investment Bank (EIB), taking the total funding to Rs 3,586 crore.

The new phase of Nagpur Metro will span 43.8 km and include four distinct routes, enhancing the daily commute for roughly one million locals. The strategic funding will be allocated in Japanese Yen, which will lower interest rates, and will be facilitated through the Ministry of Housing and Urban Affairs.

(With inputs from agencies.)