ADB steps up metro rail funding

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  1. Asian Development Bank (ADB) has decided to finance metro rail projects and a rapid rail corridor between Delhi and Meerut as part of its effort to improve urban transport system in India.
  2. ADB is under discussion with various multilateral funding agencies for co-financing of metro rail projects in India including Bhopal and Indore Metro projects.Further,expansion of Chennai and Bengaluru Metro are also under consideration.
  3. Earlier this year,the government had approved construction of Regional Rapid Transport System(RRTS) to connect Delhi with Meerut through Ghaziabad(Uttar Pradesh).The 82 kilometer-stretch will be covered in less than 60 minutes.
  4. The RRTS is a first-of-its-kind,rail-based,high-speed regional transit system to be implemented in India.Once operational,it will be the fastest, most comfortable and safest mode of commuter transport in the National Capital Region(NCR).
  5. The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966.ADB is headquartered in Manila, Philippines.It aims to promote social and economic development in Asia.
  6. ADB has 67 members,of which 48 are from within Asia and the Pacific and 19 outside.Japan and US holds the largest proportion of shares in ADB followed by the China,India and Australia.ADB is also an official United Nations Observer.

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