Bangalore Metro signs Rs 3,643 crore loan agreement with AfDB for two key routes
The Bangalore Metro Rail Corporation Limited (BMRCL) on Thursday signed a loan agreement of Rs 3,643 crore with the Asian Development Bank (AfDB) for the completion of two key routes along the outer ring road and the metropolitan corridor of the airport.
The agreement was signed between BMRCL Managing Director Anjum Parvez, Housing and Urban Affairs Ministry Director Janardan Prasad and AfDB Country Director Takeo Konishi. With this, financial arrangements have been made for Phases 2A and 2B of the metro project, BMRCL said in a statement.
BMRCL Public Relations Manager BL Yashavanth Chavan said the metro company signed another loan agreement with Japan International Cooperation Agency (JICA) for Rs 2,317 crore for the same project on March 26. This year. “Central government and state governments will contribute Rs 3,973 crore in the form of equity and subordinated debt,” he said, adding that land acquisition cost of Rs 2,762 crore will be borne. by the government of Karnataka.
Earlier this year, the Center had approved the implementation of Phases 2A (Silk Board to KR Puram) and 2B (KR Puram to International Airport) which would add 58.19 km to Namma Metro at a cost of Rs 14,788 crore.
“The external aid amount of Rs 5,960 crore was to be raised through a loan from multilateral or bilateral funding agencies, for which the agreements were made,” he added.