India inks €300-m pact with EIB for Bangalore Metro

By: | Published: October 6, 2017 2:56 AM

The European Investment Bank (EIB) on Thursday signed a finance contract with the government to lend €300 million for the second phase of the Bangalore Metro Rail Project.

European Investment Bank, EIB, bangalore metro, bengalore metro european bank dealThe second phase of this project is to be jointly financed by the EIB and Asian Infrastructure Investment Bank. (Reuters)

The European Investment Bank (EIB) on Thursday signed a finance contract with the government to lend €300 million for the second phase of the Bangalore Metro Rail Project.

The second phase of this project is to be jointly financed by the EIB and Asian Infrastructure Investment Bank. The EIB is expected to offer a total of €500 million for this project, of which the agreement for the first tranche of €300 million was signed on Thursday, according to the finance ministry.

The project envisages extension of East-West and North-South lines of Bangalore Metro Rail, which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations. The project implementation period is five years from the date of its commencement.

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.

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