Japanese firm says will help fund monorail project

According to JICA officials, investment in the monorail project might help Delhi Metro be financially sustainable.

New Delhi | Published: February 17, 2014 3:03:59 am

Japanese International Cooperation Agency (JICA) is looking forward to Delhi Metro Rail Corporation’s Delhi monorail project, the detailed project report of which is awaiting the Delhi government’s approval. “We would be happy to financially support the project,” Mahendra Pal Singh, additional chief development specialist, JICA, said.

JICA has so far invested 502,644 million yen in the Delhi Metro over a period of 14 years. The next installment, pledged by the Prime Minister of Japan on January 25, 2014, for Phase 3, amounts to 148,887 million yen lent at an interest rate of 1.4 per cent per annum with a repayment period of 30 years.

According to JICA officials, investment in the monorail project might help Delhi Metro be financially sustainable.

“Delhi Metro has been doing well, but it is not financially self-sufficient. Monorail is expected to enhance its commuter-ship, thus enhancing financial sustainability of the corporation,” Singh said.

He added that JICA was also looking forward to invest in the project since it is comfortable working with DMRC.

A DMRC spokesperson said, “The project is currently awaiting approval by the Delhi government. We would not like to comment on the matter.”

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