Korea commits Rs.4,500 cr for AP metro project

    AP metro project
    Injecting a major booster to the civil infrastructure of metro project in Andhra Pradesh, the Korean Exim Bank has committed to invest a whopping sum of Rs.4,500 crore. A decision to this effect was announced by the visiting delegation after holding discussions with Managing Director, AMRC, N.P Ramakrishna Reddy and also negotiated deals with concerned minister for MA&UD Dr P. Narayana, and after detailed discussion, the empowered officials expressed in-principle willingness to fund the Visakhapatnam Metro Rail at lesser interest rate i.e., 5-6 percent per annum. For development of Visakhapatnam Metro Rail project under PPP mode, the AMRC recently floated tenders. As part of it, the state government has to invest huge funds towards the development of civil infrastructure for three corridors, stretching to a length of 42 km. The other infrastructure on rolling stock and O&M is proposed to be invested by a private developer, which is estimated to be about Rs.4,000 crore, said official sources.
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