scorecardresearch
Follow Us:
Tuesday, September 28, 2021

Bangalore Metro signs Rs 3,643 crore loan agreement with ADB for two key routes

The deal is for completion of stretches along the Outer Ring Road and the Airport Metro Corridor which would add 58 km to Namma Metro.

By: Express Web Desk | Bangalore |
Updated: August 20, 2021 11:58:38 am
The agreement was signed between BMRCL Managing Director Anjum Parvez, Ministry of Housing and Urban Affairs Director Janardan Prasad and ADB Country Director Takeo Konishi.

The Bangalore Metro Rail Corporation Limited (BMRCL) signed a loan agreement for Rs 3,643 crore with the Asian Development Bank (ADB) Thursday for the completion of two key routes along the Outer Ring Road and Airport Metro Corridor.

The agreement was signed between BMRCL Managing Director Anjum Parvez, Ministry of Housing and Urban Affairs Director Janardan Prasad and ADB Country Director Takeo Konishi. With this, financial arrangements have been made for Phase 2A and Phase 2B of the metro project, said BMRCL in a release.

BMRCL chief public relations officer B L Yashavanth Chavan said the metro corporation had signed another loan agreement with Japan International Cooperation Agency (JICA) for Rs 2,317 crore for the same project on March 26 this year. “The central and the state governments will contribute Rs 3,973 crore by way of equity and subordinate debt,” he said, adding that the land acquisition cost of Rs 2,762 crore will be borne by the Karnataka government.

Earlier this year, the Centre had approved the implementation of phases 2A (Silk Board to KR Puram) and 2B (KR Puram to the International Airport) which would add 58.19 km to Namma Metro at a cost of Rs 14,788 crore.

“The external assistance amount of Rs 5,960 crore were to be raised by way of loan from multilateral or bilateral funding agencies, for which the agreements were done,” he added.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Bangalore News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement