The Ministry of Housing and Urban Affairs, the National Capital Region Transport Co., Ltd. (NCRTC) and the New Development Bank (NDB) signed a loan agreement to provide 5 Billion dollars in loans.
Highlights:
♦ The Project is an 82.15 km long semi-high-speed railway corridor under construction, connecting Delhi-Ghaziabad-Meerut.
♦ The MRT system will provide a fast, reliable, safe and comfortable public transportation system in the national capital area.
♦ High-speed connections will lead to the balanced economic development of the entire region, thereby bringing economic benefits to the entire social class and many development nodes, rather than all economic activities occurring in one place.
♦ This will help reduce traffic congestion and total emissions in the NCR transportation sector.
New Development Bank:
It is a multilateral development bank. The four BRIC countries (Brazil, Russia, India, China and South Africa) were co-founded at the 6th BRIC Summit in Fortaleza, Brazil in 2014. Goal: Support the infrastructure and sustainable development of the BRICS and other emerging economies with insufficient service levels to achieve faster development through innovation and cutting-edge technologies. Headquarters: Shanghai, China. In 2018, the New Development Bank was granted observer status in the United Nations General Assembly.
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