The Government of India and KfW Germany signed a Rs 3,044.54 crore loan agreement on Friday (December 13) to fund Phase-2 of the Bangalore Metro Rail Project, officials announced. This agreement marks the completion of 100% financial closure for the project.
Along with the loan agreement, a separate project agreement was signed between KfW Germany and the Bangalore Metro Rail Corporation Limited (BMRCL), which oversees the project.
BMRCL officials noted that, out of the total approved senior debt of Rs 12,141.14 crore, Rs 9,096.60 crore had already been secured through other funding agencies.
With this new loan agreement in place, the external financing for Phase-2 of the Bangalore Metro Rail Project has now been fully arranged, paving the way for the next phase of construction and expansion of the metro network in the city.
“With the signing of the loan agreement, the external loan has been fully tied up for the Bangalore Metro Rail Project Phase-2,” the statement said.