India: Mumbai Urban Transport Project 3A-1 (AIIB-000353)

  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Government of India
The holder of the loan, grant, or other investment.
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 1,017.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 13, 2020

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Project Description

According to bank documents, "The objective of the project is to improve the network capacity, service quality, and safety of Mumbai's suburban railway system by upgrading the existing infrastructure." Planned activities under the project's components include; Installation of Communication Based Train Control (CBTC) signaling system on the existing network, Improvement of 19 existing stations, and Institutional strengthening, implementation support, and technical assistance.



Investment Description
  • Asian Infrastructure Investment Bank (AIIB)

Ministry of Railway 258.5 million
Government of Maharashtra 258.5 million

Contact Information

Soon-Sik Lee
Principal Investment Operations Specialist (Transport)

Prasanna V. Salian
Joint Director,
Department of Economic Affairs,
Ministry of Finance
Government of India

Implementing Agency
R.S. Khurana
Chairman and Managing Director
Mumbai Railway Vikas Corporation Limited


In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.