India signs €300 million agreement with EIB for Bangalore Metro Phase II

Oct 6, 2017 16:53 IST
India signs €300 million agreement with EIB for Bangalore Metro Phase II

Government of India and European Investment Bank (EIB) on 5 October 2017 signed the Finance Contract for lending of €300 million for Bangalore Metro Rail Project Phase II Line R6.

The agreement was signed by S. Selvakumar, Joint Secretary (BC), Department of Economic Affairs, Ministry of Finance and Andrew McDowell, Vice President of EIB.

The metro rail’s project phase II is to be jointly financed by the European Investment Bank (€500 million) and Asian Infrastructure Investment Bank (€300 million).

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Objective

• The project envisages extension of East-West & North-South lines for Bangalore Metro Rail which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations.

• Its main objective is to bring in quantum improvement in transportation sector in city in tandem with Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport.

• It also aims to ensure modern transport facility for the commuters.

Duration

The project implementation period is 5 years from its date of commencement.

The spinoffs of the project will include employment opportunities, reduction of number of vehicles on road, benefits to economy, less fuel consumption, reduction in air pollution, reduction in passenger travel time and also improvement in aesthetic value of city.

The spinoffs of the project would include employment opportunities, benefits to the economy, reduction of number of vehicles on road, 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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