MMRDA secures Rs 31,673 cr loan for infra to transform Mumbai's transportation network
Mumbai Metropolitan Region Development Authority (MMRDA) has successfully secured a loan of Rs 31,673.79 crores from the Power Finance Corporation (PFC).
According to MMRDA, this loan will fund nine key infrastructure projects that promise to transform the Mumbai Metropolitan Region's (MMR) transportation network, enhancing connectivity, boosting economic growth, and improving the overall quality of life for its citizens.
A formal agreement was signed on Wednesday between MMRDA and PFC, marking the financial closure of several critical infrastructure initiatives.
The loan is designed to cover 80 per cent of the total project costs, with the remaining 20 per cent being financed through government grants and contributions from MMRDA itself.
Out of the total sanctioned loan amount, Rs. 15,071 crores will be allocated specifically for the Thane-Borivali Twin Tunnel Project, an initiative aimed at drastically reducing travel time between these two bustling cities.
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