Vijaywada: Korean Exim Bank proposes to invest on certain infrastructure projects in AP and their officials, Yong Mong Kim, director general, Jung Wan Ryu, director, Y.H. Byun, vice-chairman, Fairbridge, Y.K. Kim, president, Fairbridge, Maria Choi, MD, Bancor International Ltd., and Mr. Thomas Gruber, executive director, BIL, arrived in the city.
They held discussions with MD, AMRC, N.P. Ramakrishna Reddy and other officials for the last two days, and expressed intention to invest Rs 4,500 crores. The Korean delegation also met minister for MA&UD Dr P. Narayana, and after detailed discussion, expressed in-principle willingness to fund Visakhapatnam Metro Rail at lesser interest rate, 5-6 per cent per annum.
The Principal Secretary (MA&UD) R. Karikal Valaven, also was present during the discussion with the Korean delegation. For development of Visakhapatnam Metro Rail project under PPP mode, the AMRC has called for tenders. As part of it, the state government has to invest Rs 4,500 crore towards the development of civil infrastructure for three corridors, stretching to a length of 42 km. The other infrastructure on rolling stock and O&M is proposed to be invested by a private developer, which is estimated to be about Rs 4,000 crore.
