India - Mumbai Urban Transport Project : restructuring
Coulombe, Harold | Wodon, Quentin | Tsimpo, Clarence
The objective of the Mumbai Urban Transport Project (MUTP) for India is to facilitate urban economic growth and improve quality of life by fostering the development of an efficient and sustainable urban transport system including effective institutions to meet the needs of the users in the Mumbai Metropolitan Region (MMR). The changes aim at establishing a more realistic implementation schedule for the remainder of the project taking into account the reduced scope that can be financed by the International Bank for Reconstruction and Development (IBRD) loan as a result of the appreciation of the Indian rupee compared to the US dollar. The closing date of the Bank loan and credit is September 2008. Progress has been slow in all components of the project and most of the activities will require a 15 month extension of the implementation period to be largely completed. Other activities (road over rail bridges, station area traffic improvement schemes) face challenges that are likely to delay their completion by several years. Besides, the appreciation of the Indian rupee against the US dollar has reduced the funds available from Bank financing and some essential activities already being implemented will require additional funds. The major modifications include: i) deletion of several traffic management improvements and technical assistance; ii) additional investment in bus efficiency; iii) reimbursement to MUTP International Development Association (IDA) credit of funds that were utilized for procuring buildings that will not be used to house MUTP affected people; iv) financing from the IDA credit of activities under the rail component; and v) extension of the implementation period of the credit and the loan until December 31, 2009. The completion of the rail component and of an important link road is expected to be achieved only in the year 2010 but it is recommended to wait until several key impediments are eliminated to consider a further extension of the project closing date.
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