Long loan process for Sewri-Nhava Sheva maritime link | Bombay News



MUMBAI: Work on the Mumbai Trans-Port Link (MTHL) is unlikely to start anytime soon as it will take at least a year to complete funding for the project which is expected to be funded by the Japan International Cooperation Agency (JICA ).
JICA has agreed to provide a loan covering up to 80% of the cost of the project which will bring the city of Navi Mumbai closer.
“The Center’s Economic Affairs Department is dealing with the issue of obtaining funds from JICA,” said a state government official. “JICA will probably conduct its own study, which will take at least six months. Thereafter, there will be the signing of the loan agreement with JICA, which could take place in at least 12 months. ”
The MTHL is estimated at Rs 11,000 crore. The project is to be executed under a cash contract or engineering, procurement and construction method, with Rs 8,800 crore expected from JICA.
The JICA study aims to determine the financial and technical feasibility of the project. The agency will assist MMRDA in obtaining information on the construction methodology to be adopted.
The Center has already approved 20% of the cost of the project as sustainability gap funding.
MMRDA decided to take over the 22 km MTHL project on a cash contract basis after receiving an offer from pre-qualified consortia until August 2013, when it attempted to execute it on a cash basis. private public partnership.
The project was proposed in 1984. Environmentalists, led by the Bombay Natural History Society, had requested that the bridge’s starting point be 700 meters south of its current position at Sewri, saying the realignment was crucial to save Sewri’s mud flats and flamingos.
The Union Ministry of Environment and Forests granted CRZ authorization in July 2013.
If JICA funding does not occur, the plan is to pool actions from stakeholders such as JNPT and Cidco.
The state wants to complete the works of Navi Mumbai airport by 2019, but doubts persist about the completion of the MTHL by then.


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