Japan may fund Pune metro

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By Staff  TNN

PUNE: The Pune metro project is likely to get financial assistance from the Japan International Co-operation Agency (JICA), a Government of Japan enterprise.

“Overseas Development Assistance, also called ODA, from Japan has been availed for metro projects in Delhi, Mumbai, Kochi, Chennai, Kolkata and Bangalore. The Rs 2,593-crore mass transit project in Pune, modelled on the Delhi Metro Rail Corporation, will get contributions from the Centre and will be funded by the Pune Municipal Corporation and the state government. The Special Purpose Vehicle, called the Pune Metro Rail Corporation, can approach JICA to avail funds for the project,” said a senior state official involved in the process of project approval.

The official said that 64.536 billion Japanese Yen have been availed so far for metro projects in Indian cities. These funds are released through the Union urban development department.

“The state issued a government resolution (GR) last month that set the Pune metro project in motion. The GR proposes fares for the 12 legs of the metro in 2014-15. The highest fare would be Rs 24 for a distance of 30 kms. If the fare rates are to be controlled, construction cost has to be restricted. The Japan assistance will help in both ways,” said a state official. More info