The signatories to loan agreement were Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB) at the Department of Economic Affairs in Ministry of Finance who signed for the government, and Kenichi Yokoyama, Country Director of ADB's India Resident Mission who signed for ADB.
"The project will provide better connectivity to allow other towns in the NCR to develop as urban economic centres surrounded by residential areas while easing the concentration pressure on Delhi," said Khare after signing the agreement.
"Development of this corridor will have a huge demonstration effect and pave the way for a paradigm shift in mobility and the pattern of urban development within the region," he said.
Yokoyama said the project is expected to have a transformational impact on the development trajectory of the national capital region by introducing high-level technologies for RRTS, signaling, and station designs.
"Besides, the project will also support transit-oriented development (TOD) with systematic urban and land use planning around the RRTS corridor while promoting value capture financing (VCF) to generate additional municipal revenues," he added.
The first tranche financing will be used for constructing electrified tracks, signalling systems, multi-modal hubs and stations with design features that are friendly to elderly, women, children and the disabled.
It will also support the National Capital Region Transport Corporation (NCRTC) in drafting action plans on TOD, VCF instruments and public-private partnership initiatives, setting up a smart-technology based platform and formulating a gender-friendly workplace policy.
A three million dollar grant from ADB's Japan Fund for Poverty Reduction will support various activities, including provision of visual, hearing and mobility aids like wheelchairs for differently abled persons.
Training for women and differently abled on safe mobility and employment opportunities and behavioural change for public transport providers will also be given.
The ADB-administered multi-donor Urban Climate Change Resilience Trust Fund will provide 2.89 million dollars to support innovations in bu ilding information modeling, universal access design features, TOD and VCF.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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