Mumbai: Japan International Cooperation Agency (JICA) has extended an official development assistance (ODA) loan of 30,755 million Japanese Yen (approximately Rs 1,927 crore) for the Mumbai Trans Harbour Link (MTHL) project (III) in Maharashtra.
The project entails the construction of an 18-km-long marine road and a four4-km-long land approach road that will connect central Mumbai with Navi Mumbai across the Mumbai Bay.
It will improve connectivity to the Navi Mumbai area, where further urban development is being planned, and will also contribute to the economic development of the Mumbai metropolitan area.
This loan agreement is the third tranche of JICA financing for MTHL, and the loan agreement for the first tranche and second tranche were signed on March 31, 2017 and on March 27, 2020, a press release said here on Saturday.
The ODA loan agreement was signed between Dr Nidhi Pandey, Resident commissioner, Maharashtra Sadan, and Mr Saito Mitsunori, chief representative, JICA India, on February 27.
The central government is the guarantor for the loan agreement of the project, the release added.