‘Need for 'innovative' funding for Metro projects’

New Delhi: Urban Development Minister Kamal Nath on Thursday batted for evolving "innovative" financial methods either in PPP or fully private mode for funding Metro projects in the country.

Nath also said the Centre has approved two more Metro lines to Haryana with the nod being given to Badarpur-YMCA Chowk corridor and Mundka to Bahadurgarh. The Detailed Project Report for Dwarka Sec 21 to Gurgaon Sec 29 is under the appraisal of the ministry, he said.

"We need to find innovative financial methods either in PPP or fully private mode to fund Metro projects. Haryana has taken the first step in giving a Metro project to private company," he said at the MoU signing ceremony of Rapid Metro between Delhi Metro, Haryana Government and his Ministry.

The Rapid Metro that connects the existing Sikanderpur Metro station with the NH-8 is the first fully private-owned Metro to be constructed in the capital.

The 5-km link to be constructed at a cost of Rs 1088 crore will help lakhs of people, Nath said.

Under the MoU signed today, in the event of failure of the private party to commission or operate the system in future, the project would be taken over by the Delhi Metro.

Haryana Chief Minister Bhupinder Singh Hooda said plans were afoot to expand the private Metro network to 20 kms of the Millennium City.

Contending that organised and planned sub-urbanisation is the way out now, Nath said the increased Metro network in the capital is a major step towards that.

The Minister said he has convened a meeting of Chief Ministers of NCR states on December 27 to evolve a plan for the next five years.

"In the meeting, we will decide the plan for next five years. Every state in NCR needs connectivity for their needs. So we will discuss that there," he said.