[ecis2016.org] The finance ministry has announced that India and the European Investment Bank have signed a contract, for receiving the first tranche of funding of Rs 2,293 crores, for phase-II of the Bengaluru metro rail project
India and the European Investment Bank (EIB), on October 5, 2017, signed the finance contract for lending of 300 million euros (about Rs 2,293 crores) for the Bengaluru metro rail project’s phase-II. Phase-II of the metro is to be jointly financed by the EIB (500 million euros) and the Asian Infrastructure Investment Bank (300 million euros).
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“The first tranche of 300 million euros was signed today,” the finance ministry said in a statement. The project relates to the extension of the east-west and north-south lines for Bengaluru Metro Rail, which includes a total length of 72.095 kms (13.79 kms underground) and 61 stations with 12 underground stations. The project implementation period is five years, from the date of commencement.
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“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 that the project was aimed at ensuring modern transport facilities for the commuters. As per the release, the spinoffs of the project would include employment opportunities, benefits to the economy, reduction in the number of vehicles on roads, less fuel consumption, reduction in air pollution, reduction in passenger travel time and also improvement in the aesthetic value of the city.
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