Jerusalem, Jul 25 (IANS): The Israeli parliament, the Knesset, on Thursday passed the long-awaited metro law, paving the way for the construction of a sprawling underground network in the Tel Aviv metropolis.

The project, valued at approximately 150 billion shekels (around 41 billion U.S. dollars), is Israel's largest infrastructure undertaking to date.

Scheduled for a phased opening start in 2040, the metro will comprise three lines spanning a total distance of 150 kilometers and 109 stations. It will service 24 municipalities and is expected to ferry an estimated two million passengers daily.

The Knesset-approved law designates the Tel Aviv metro as a national project. It establishes a comprehensive framework encompassing budgetary allocation, regulatory procedures, and project structure.

Additionally, the law outlines taxation regulations and allocates 550 million shekels in compensation for businesses impacted by construction activities, Xinhua news agency reported.

The metro project will integrate with the ongoing light rail network development in the Tel Aviv area. The light rail's first line commenced operations roughly a year ago.