New Delhi, Nov 19 (IANS): The New Development Bank (NDB) on Thursday has nked an agreement to extend $500 million in loan to India for the Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project.

The agreement was signed between the bank, Ministry of Housing and Urban Affairs, and National Capital Region Transport Corporation Limited.

The loan will enable the completion of the project aimed to provide fast, reliable, safe and comfortable public transport system in the National Capital Region (NCR).

The NCR is among the world's largest urban agglomerations and a major economic centre of India. Due to lack of efficient public transport options, the number of private vehicles in NCR has increased.

The daily passenger traffic along the Delhi-Ghaziabad-Meerut corridor in NCR is estimated at 6.9 lakh, of which 63 per cent utilise private vehicles for commuting.

Due to traffic congestion, it can take about 3 to 4 hours to travel between Delhi and Meerut in Uttar Pradesh by road during peak hours.

Rapid growth in vehicular traffic has made NCR one of the most polluted regions in the world.

By 2030, NCR is projected to become the most populous urban agglomeration in the world, which will increase pressure on basic infrastructure such as housing, water supply, electricity and transport.

Fast transit system will support in achieving the goal of sustainable urban development in NCR region including National Capital Territory of Delhi. It will activate processes which will enable sustainable economic and social development with environmental protection, for future generations.

The environment friendly RRTS will carry many times more people at high speed (average speed 100 kmph) while occupying just 3 metres of space on land thus reducing congestion on the roads. Overall it will significantly reduce the total emissions from the transport sector in NCR.