The Japanese International Cooperation Agency (JICA) on Friday (July 5) signed an agreement to release the fifth and final tranche of a Rs 4,657-crore loan for Mumbai Metro Line 3, a pivotal component of the city’s rapid transit network. This fully underground metro spans 33.5 kilometers, linking Colaba in South Mumbai to Bandra and SEEPZ in Andheri (East) in the western suburbs.

The agreement was signed by Department of Economic Affairs (DEA) additional secretary Manisha Sinha and Ambassador of Japan to India Hiroshi Suzuki. It marks the completion of JICA’s funding commitment for Metro Line 3. 

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The total project cost, revised to Rs 37,276 crore as approved by the Government of India on February 29, 2024, includes a JICA loan of Rs 21,280 crore, constituting 57.09% of the total.

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According to the Mumbai Metro Rail Corporation (MMRC), the first loan tranche was agreed upon on September 7, 2013, and with this final tranche, JICA’s contribution amounts to Japanese yen 84 billion (Rs 4,657 crore).

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JICA crucial partner since project’s inception

MMRC informed that JICA’s steadfast support for metro projects in India, particularly in Mumbai, stating that JICA has been a crucial partner since the project’s inception, facilitating its progress towards operational readiness. 

“Since the metro project’s inception, JICA has been an invaluable partner, continuously aiding its progression towards operations shortly,” said R Ramana, director (Planning and Real-estate Development/NFBR), MMRC.

27 stations to connect 6 business districts

Once completed, the underground corridor with 27 stations will connect six business districts, 30 educational institutions, 30 recreational facilities, and both domestic and international airport terminals. The metro is expected to accommodate over 16 lakh commuters daily.