India signed agreement with Germany’s KfW for 500 million Euro loan to Nagpur Metro

Apr 4, 2016 12:00 IST

India and Germany’s Development Bank KfW on 1 April 2016 signed an agreement to provide loan assistance of 500 million Euro (about 3750 crore rupees) for the modern and sustainable metro system for Nagpur city. This is the first German assistance to Metro project in the country.

The loan period is of 20 years with a moratorium of five years and disbursal will be based on the progress of the project over three years.

Costing 1240 million Euro (8680 crore rupees), Nagpur Metro is the first metro to be financed under the Indo-German partnership for clean, socially inclusive and climate friendly mobility for people in cities. Work on Nagpur Metro is being executed by Nagpur Metro Rail Corporation Limited (NMRCL).

Sanctioned by the Union Government in August 2014, Nagpur Metro Project envisages two corridors and they are 19.70 km North-South section from Automotive Square to Khapri and 18.60 km long line between Prajapati Nagar and Lokmanya Nagar.

Physical works of the metro commenced in May 2015 and the whole Metro would be operational by March 2019.

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