The World Bank has approved a loan of $430 million for financing the Mumbai Urban Transport project II, that is aimed to improve the transport situation in the financial capital, government said on Thursday.

The loan will be used to finance procurement of electrics for manufacture of EMU rakes, conversion of DC to AC on Central Railway, technical studies and institutional strengthening studies, Minister of State for Railway K H Muniyappa said.

The project has been outlined as an integrated rail and road project and includes significant suburban rail and road investment.

It is expected to be completed by 2014-15. In a written reply in the Lok Sabha, the minister said the project also involves construction of the fifth and sixth lines between CSTM and Kurla station, extension of harbour line from Andheri to Goregaon, EMU procurement and manufacturing and maintenance facilities for EMUs.