Delhi Metro update

Delhi Metro’s Japanese connection will be getting a boost, come January. As work on the third phase of the network gathers steam, the Japan International Cooperation Agency (JICA) will be releasing the first instalment of its loan for the Delhi Metro network next month. Pegged at 53 per cent, the loan from JICA for the Rs 35,242 crore project will form the bulk of funding for Phase III, said sources. It will be used to bankroll the civil work, source rolling stock as well as for acquiring the brand-new signaling system for this phase. The good news for the Delhi Metro Rail Corporation (DMRC) is that with the Central and Delhi governments pitching in with another 21.27%, the onus for getting the rest of the project cost, which is with the DMRC, is not very much. On ground, the coming through of the loan is the signal for Delhi Metro to ramp up its tendering process. The tenders, which are built on JICA funds, need to be vetted by the Japanese agency before they can be awarded. This process has already gotten off the ground, said sources. JICA has so far paid over Rs 16,000 crore for phases I and II. DMRC has paid back a part of the loan for Phase I amounting to Rs 129.55 crore. The interest for the loan amount for both phases have been repaid to the tune of Rs 696.95 crore.