Bengaluru: India and the European Investment Bank (EIB) on Thursday signed the finance contract for lending 300 million euros (about Rs 2,293 crore) for Bangalore Metro Rail Project phase-II.
The phase II is to be jointly financed by the EIB (500 million euros) and Asian Infrastructure Investment Bank (300 million euros). "The first tranche of 300 million euros was signed on Thursday," the finance ministry officials said.
The project relates to extension of East-West and North-South lines for Bangalore Metro Rail, which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations. The project implementation period is five years from date of commencement.
"The objective of the project is to bring in a quantum improvement in the transportation sector in the city in tandem with the Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport," the ministry said, adding the project aims to ensure modern transport facility for the commuters. The officials said the spinoffs of the project would include employment opportunities, benefits to the economy, reduction of number of vehicles on road, less fuel consumption, reduction in air pollution, reduction in passenger travel time. "BMRCL has already received 300 million euros from EIB, 200 million euros from Agence Francaise De Development and we are yet to sign the AIIB proposed 500 million euros. We have not sought any loan Asian Development bank or Japan International Cooperation Agency," said Vasanth Rao, CPRO, BMRCL.
