Bangalore Metro Rail signs loan agreement with ADB for 2 routes
BENGALURU:
The Bangalore Metro Rail Corporation Limited on Thursday signed a loan agreement for Rs 3,643 crore with the Asian Development Bank (ADB) to complete two key routes along the Outer Ring Road and Airport Metro Corridor, totalling a length of 58.19 km.
The chief public relation officer of BMRCL, B L Yashavanth Chavan told PTI that the agreement was signed between the BMRCL managing director Anjum Parvez, Ministry of Housing and Urban Affairs director Janardan Prasad and ADB country director Takeo Konishi.
He said the BMRCL had signed another loan agreement with Japan International Cooperation Agency for Rs 2,317 crore for the same project on March 26, this year.
The Government of India had approved the implementation of phases 2A (Silk Board to KR Puram) and 2B (KR Puram to the International Airport) project for a route length of 58.19 km at an estimated cost of Rs 14,788 crore, Chavan said.
He added that the central and the state governments will contribute Rs 3,973 crore by way of equity and subordinate debt.
The land acquisition cost of Rs 2,762 crore will be borne by the Karnataka government.
“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,” Chavan said.
Another BMRCL source said the remaining Rs 2,093 crore would be arranged through external means, which could be another loan agreement with a financial institution.
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