In a groundbreaking financial milestone, the Mumbai Metropolitan Region Development Authority (MMRDA) has secured a record-breaking ₹4.07 lakh crore ($47.4 billion) multi-lender line of credit — a first for any development agency in India. This strategic funding, arranged through Memoranda of Understanding (MoUs) and competitive bidding for optimal rate discovery, is set to power an unprecedented infrastructure transformation across the Mumbai Metropolitan Region (MMR).
This historic announcement was made at the prestigious India Global Forum (IGF) hosted at the Jio World Centre in BKC, Mumbai. The moment was witnessed by Maharashtra’s Hon’ble Chief Minister Shri Eknath Shinde and Hon’ble Deputy CM Shri Devendra Fadnavis, underscoring the state’s commitment to driving bold development.
The funding arrangement adds to the momentum built through foreign investments initiated during the World Economic Forum in Davos and marks a giant leap towards the vision of turning the MMR into a billion-dollar economy by 2047.
Key partners in this financial pact include:
- HUDCO – ₹1.5 lakh crore
- REC – ₹1 lakh crore
- Power Finance Corporation (PFC) – ₹1 lakh crore
- Indian Railway Finance Corporation (IRFC) – ₹50,000 crore
- NaBFID – ₹7,000 crore
This consolidated financial push will back transformative, bankable projects across critical sectors such as affordable housing, metro rail expansion, multimodal transport systems, smart urban services, and energy-efficient infrastructure. These initiatives will not only accelerate MMR’s growth toward a $400 billion economy by 2030 but also play a pivotal role in achieving India’s $5 trillion economic ambition.
The IGF, a key platform for global engagement with India’s growth narrative, celebrated this initiative as a reflection of self-reliance, homegrown capital strength, and visionary leadership — reaffirming the ethos of India Builds India.