BRICS Development Bank, which is also known as New Development Bank, has approved $741 million for infrastructure projects in India. BRICS Bank has approved $500 million for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project and a loan of $241 million has been approved for Mumbai Metro Rail II (Line 6) Project.
Regional Rapid Transit System
- The loan for Capital Delhi would be used by Central Government for on-lending to the National Capital Region Transport Corporation Limited.
- The lending would be utilised for construction of a rapid rail corridor connecting the National Capital Territory of Delhi with the cities of Uttar Pradesh’s Ghaziabad and Meerut.
- Regional Rapid Transit System have a total length of 82.15 kilometer with 25 stations.
- RRTS has a design speed of 180 kilometer per hour and maximum operating speed of 160 kilometer per hour.
- Transit System will reduce the journey time from Delhi to Meerut to 60 minutes.
Mumbai Metro Rail II (Line 6) Project
- The loan for Mumbai Metro will be used by the Central Govt for on-lending to the Maharashtra Government.
- $241 million Loan will be utilised for a metro rail Line 6.
- Mumbai metro line has a length of about 14.47 kilometer in Mumbai.
- Line 6 will provide rail-based connectivity between the western and eastern suburbs in an integrated manner.
- Mumbai Metropolitan Region Development Authority (MMRDA) will implement the project.
- New Development Bank is also supporting the implementation of metro lines in Mumbai of length 58 kilometer (Line 2 and Line 7) by financing of the Mumbai Metro Rail Project that was approved in November, 2018.
BRICS Development Bank
New Development Bank was established by BRICS countries (the Federative Republic of Brazil, Russian federation, India, People’s Republic of China and South Africa). BRICS Bank primary aim is to mobilise the resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries.
It complements the efforts made by multilateral and regional financial institutions for global growth and development. New Development Bank was formerly referred to as the BRICS Development Bank. New Development Bank is headquartered in China’s Shanghai. The first regional office of the New Development Bank was established in South Africa’s Johannesburg. On 15 July 2014, New Development Bank was founded. First President of the BRICS bank was Kundapur Vaman Kamath.
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