Mumbai, July 30 (IANS): The Japanese International Cooperation Agency is likely to provide up to 80 percent loan for the Maharahstra government's ambitious Mumbai Trans Harbour Link (MTHL) project, an official said here Wednesday.
A team of experts from the Japan International Cooperation Agency (JICA) visited Mumbai Metropolitan Region Development Authority (MMRDA), which is implementing the mega-infrastructure project and discussed various issues with top officials.
"The JICA team has given favourable indications over financing the MTHL. Out of the total estimated cost of Rs.11,000 crore ($1.8 billion), they are expected to lend us to the tune of 80 percent, or Rs.8,800 crore," MMRDA Metropolitan Commissioner U.P.S. Madan said.
The rest of the funding is expected to come from some of the project beneficiaries and the government, though details are not finalised.
Madan said the JICA team carried out a preliminary survey of the end points of the 22 km long MTHL which will link Mumbai island with the mainland near Raigad, passing over the Arabian Sea.
It will now work out several aspects of the project in detail and provide MMRDA with inputs to enhance constructability and shorten the construction period of the project.
"Given their experience in the construction of such long sea bridges, we are looking forward to their suggestions," added Madan.
With the JICA involvement, now the MMRDA expects keen interest to be generated among international Engineering-Procurement-Contract (EPC) companies, both from India and worldwide.
The Japanese team will submit its analysis in a few months on the technical and financial aspects of the project after which the MMRDA will move further in the matter, Madan said.
Incidentally, last year, after the centre's coastal regulation zone, the MMRDA failed to get a single bid for the project which was offered on a public-private-partnership model, but under the EPC (Engineering, procurement and Construction) model, officials feel many international consortiums may bid for it.
The 22.5 km long MTHL will include a six-lane 16.5 km long sea bridge with the rest being viaducts on land, starting at Sewri in south-central Mumbai and terminating at Chirle village on the mainland near Raigad.
It will help decongest traffic in south Mumbai, provide a quicker access to the upcoming new international airport on the mainland and faster connectivity to onward destinations like Pune, Nashik and Goa, with huge savings in time and fuel.