Mumbai, March 11 (IANS): The Maharashtra Cabinet chaired by Chief Minister Eknath Shinde on Monday approved the unconditional government guarantee for a loan of Rs 24,000 crore to be raised by the Mumbai Metropolitan Region Development Authority (MMRDA) which has been in the process to develop a slew of transport infrastructure projects.

The Cabinet has also approved a waiver in the payment of the guarantee fee by MMRDA and also gave nod to MMRDA for signing the necessary loan agreements with the lenders.

Urban Development Department said that the government earlier had already approved MMRDA to raise a total loan of Rs 60,000 crore to carry out various infrastructure projects.

However, the Cabinet cleared the government guarantee for the Rs 12,000 crore loan to be taken from REC Ltd and another Rs 12,000 crore loan from PFCL.

REC Ltd has already cleared a total loan of Rs 30,593 crore to MMRDA for the construction of the Metro 8 corridor of which the government has already guaranteed Rs 12,000 crore. The Cabinet cleared a government guarantee for one more tranche of Rs 120,000 crore from REC Ltd.

The PFCL had already approved a total loan of Rs 50,301 crore to MMRDA for the construction of the Orange Gate freeway to Marine Drive tunnel up to the coastal road and other 25 infrastructure projects. The Cabinet approved the government guarantee for Rs 12,000 crore of the total loan of Rs 50,301 crore from PFCL.

The government has already given approval for a number of infrastructure projects in order to improve transportation in the Mumbai Metropolitan Region (MMR).

Some of these projects included the Metro network, Mumbai Trans Harbour Link, Mono rail, Mumbai Urban Infrastructure Development Project, Mumbai Urban Transport Project, Thane Borivali Tunnel Road, and Orange Gate to Marine Drive tunnel up to Coastal Road.

Of the 14 Metro lines, 11 Metro lines are being developed by MMRDA in addition to roads, bridges and flyovers.