The East-West Metro is now one step closer to reality. The public investment board has cleared the project and a two-member team will visit Tokyo to finalise terms and conditions with the Japan Bank of International Cooperation (JBIC) loan for the project. The loan will meet more than 55% of the project cost.
"Once the terms and conditions are finalised, the project would be passed in both the Japanese Diet and Indian Parliament. Then, we will form the special purpose vehicle Kolkata Metro Rail Corporation (KMRC). Work is likely to start immediately after that. Each stage of work has a deadline which has to be met at any cost," said Sumantra Chowdhury, the additional chief secretary (transport). He is part of the two-member team that will go to Tokyo on February 2.
A senior state transport department officer said both the Indian and the Japanese governments have been apprised of the project. They have agreed on principle on the modalities of the loan. So, it is only a matter of time before the project is cleared by both parliaments. "Planning wise, both the JBIC and the state government have gone long ahead. Both the partners have high stakes in the project. So, it's not possible to look back," a JBIC official said from Delhi.
The state had engaged Delhi Metro Rail Corporation to produce the detailed project report at a cost of little over Rs 1 crore. "Now, Rites has been engaged to prepare a detailed project report, including a detailed land-acquisition map. The state has already met the people whose land might be acquired for the project. They have been apprised of the compensation package," said an officer.
The construction of the Metro corridor would cause the least disruption of life on the surface. However, the delay in commissioning the project has resulted in substantial cost escalation.
Source:The Times Of India,01-02-08