Japan team reviews Amaravati metro plan
JICA ready to provide 60 per cent of the project cost as long-term loan.
Vijayawada: The members of JICA (Japan International Cooperation Agency) delegation reviewed the alignment and plans of Vijayawada metro rail works here on Tuesday. The delegation held discussions with the officials of metro rail and inspected the proposed metro route in various areas of city. As per reports, the JICA has shown interest to be part of the metro rail project by investing funds.
But the 15 member delegation is learned to have asked the government to give them 15 months time for studying the project and also completing the fund allocation process. According to the officials, the JICA is ready to provide Rs 3,600 crore as loan, which is 60 per cent of the total project cost of Rs 6,000 crore. The state and Central governments would invest Rs 1,200 crore each as 20 per cent share in the project.
Vijayawada Metro Rail project MD G. Ramakrishna Reddy said that the JICA asked for another 15 months for the study and approval of the project but they have requested the Japanese delegation to complete the process in the next six months. He said that the JICA team has formally accepted their request.