Mumbai: World Bank Backs Out of Funding for 47 Air-Conditioned Trains
The World Bank who was going to fund for 47 air-conditioned trains in Mumbai has backed out of the project.
Mumbai, September 24: The World Bank who was going to fund for 47 air-conditioned trains in Mumbai has backed out of the project. Mumbai Rail Vikas Corporation (MRVC), executing agency for the Mumbai Urban Transport Project–III’s rail component, said it has approached Indian Rail Finance Corporation (IRFC) for funds. It is considered that the World Bank's withdrawal from the project will further delay the introduction of new AC trains. Kiki Challenge in Mumbai Local Train! Central Railways Call for Probe Against the Youth After Video of 'Stunt' Goes Viral.
Chief Managing Director of MRVC, R S Khurana said “There should not be any major problem. We have begun talking to the Indian Rail Finance Corporation,” reported Mumbai Mirror.
Currently, Mumbai has one AC train which runs 12 daily services between Virar and Churchgate on the western line. The current running AC local was manufactured by Integral Coach Factory, Chennai. IRCTC to go? New Name For Train Ticket Booking Website, App Likely Soon.
It is believed that the World Bank's back stemmed from the differences over whether the trains should be bought or leased. The World Bank also wanted Panvel-Virar corridor to be prioritised over AC trains.
Under Mumbai Urban Transport Project–III, 47 AC trains with 12 coaches each were to be introduced, with an estimated cost of Rs 3,491 crore, of which Rs 1,300 crore was to be provided by the World Bank.
(The above story first appeared on LatestLY on Sep 24, 2018 11:40 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).