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Surat Metro: German lender KfW extends loan of Rs 3,464 cr for Phase-1

🔴 The Gujarat Metro Rail Corporation (GMRC), which is building the Surat Metro, is a 50:50 joint venture between the Government of India and the state government of Gujarat.

By: Express News Service | Ahmedabad |
December 18, 2021 2:56:30 pm
The foundation stone for the first phase of Surat metro was laid virtually by Prime Minister Narendra Modi on January 18 this year. (File)

The Phase-1 of Surat Metro, which is currently under construction, received an additional funding of Rs 3,464 crore (442.26 million euros) after German lender KfW extended a loan for the project.

A loan agreement was signed in New Delhi between KfW and the Department of Economic Affairs on Friday, an official release stated here. The Gujarat Metro Rail Corporation (GMRC), which is building the Surat Metro, is a 50:50 joint venture between the Government of India and the state government of Gujarat.

The first phase of Surat Metro was sanctioned for a total length of 40.35 km and is expected to cost Rs 12,020.32 crore. Of the total project cost, Rs 5,434 crore will be financed through a loan. On January 28 this year, French Development Bank AFD agreed to fund 250 million euros (approximately Rs 1,970 crore). The central and state government will each pitch in with Rs 1,487 crore.

The foundation stone for the first phase of Surat metro was laid virtually by Prime Minister Narendra Modi on January 18 this year. The project is slated to be completed by 2024, the release added.

The Indian Express had earlier reported that tenders worth Rs 3,002 crore have already been awarded for the first phase of Surat Metro and work has started on the 21.58 km corridor between Sarthana and Dream City. The second corridor of 18.74 km is between Bhesan and Saroli. Over 676 families are expected to be affected by the project in Surat city for which GMRC has sanctioned a rehabilitation package of Rs 375 crore.

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