Following the central government’s refusal for viability gap funding for Mumbai Metropolitan Region  Development Authority’s (MMRDA ) proposal  for the construction of metro line-3  from Colaba to Bandra,  the authority  will now  seek the funds from  Japanese International Cooperation Agency.

SVR Srinivas, additional metropolitan commissioner  has said  “We were looking for the VGF from the World Bank also. However, we found out that the JICA’s loan would be more cost effective.”

The 20-km long corridor will now be based on the Delhi metro model, in which 19 percent of the funds will be given by the centre and 21 percent by state government/MMRDA. The rest 60 percent would be loan from JICA.

Srinivas added  “We are now waiting for the requisite approvals from the center and officials would visit New Delhi soon to discuss the modalities of the funds."

The authority will soon be sorting out the tender process. MMRDA is also considering extending the said corridor up to airport, via the Bandra- Kurla Complex.”

As per 2010 prices the total cost of the Metro Line – 3 is Rs 12,000 crore.