The Reserve Bank of India (RBI) has set up a Rs 5,000 crore fund to support the construction of a new $5-billion bridge in Mumbai’s financial district, an official said on Tuesday.
In a statement, RBI Governor Raghu Rajan said that his agency would provide a Rs 2-crore investment to the project to be developed by India Bridge Development Co Ltd (IBDL).
The Rs 5-croor fund would be made available by the RBI on March 8, 2019, to help finance the Rs 5.8-billion project to span the Sivaganga River at Parel, a city on the eastern outskirts of Mumbai.
Rajan said the fund would help the bridge’s completion by 2020.
The Rs 2 crore fund will be administered by the Reserve Bank, the RBI said in the statement.
The announcement comes after Finance Minister Arun Jaitley’s government announced on Monday that it had announced a Rs 6,000-croour fund for the construction and upkeep of the Rs 3.5-trillion Mumbai-Ahmedabad International Airport (MIA) project.
In February, Jaitry announced a $1-billion grant to the state to finance the construction costs of the airport.
The airport will be the largest airport in India, and is expected to create more than 100,000 jobs.
The airport is expected for completion by 2022.