Govt secures funding for Delhi-Ghaziabad-Merrut rapid rail project

Headlines Real Estate

The government of India has signed a USD 500 million loan agreement with New Development Bank (NDB) for funding its ambitious Delhi-Ghaziabad-Meerut Regional Rapid Transit System  (RRTS) project aimed at providing fast-track connectivity between NCR locations.
On behalf of the Government of India, Baldeo Puroshartha, Joint Secretary in Ministry of Finance; Janardan Prasad, Director Ministry of Housing, and Vinay Kumar Singh, MD, NCR Transport Corporation signed the agreement with Xian Zhu, VP, and COO of NDB.
Considering that NCR is the most populous urban region, growing pressure on infrastructures like electricity, water supply, and housing has become a cause of concern. The situation is expected to deteriorate further by 2030. In view of this, the fast transit system has become an utmost necessity which will help relieve pressure on infrastructure and support the growth of sustainable urban development.
Rapid rail will play an active role in achieving this goal by activating processes to enable sustainable development as it will transport people at an average speed of 100 kmph that too with occupying lesser space on land hence it will also help in the reduction of congestion on roads. Significantly, it will also reduce carbon emissions from transport.

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