AIIB approves $ 335-mn for metro project

    Asian Infrastructure Investment Bank (AIIB)
    In a recent development, China-sponsored Asian Infrastructure Investment Bank (AIIB) has approved a $ 335 million loan for an electric metro project in Bangalore. As a matter of fact, the investment in the Bangalore Metro Rail Project-Reach 6 (R6) is AIIB's first metro project and its first joint financing partnership with the European Investment Bank, which is the project's lead financier with 500 million euros. The Xinhua news agency quoting an AIIB statement said that the bank is investing in this metro project because of its potential to greatly improve the mobility of commuters and further economic growth through better connectivity, AIIB Vice President and Chief Investment Officer D J Pandian was quoted as saying. The metro project is 100 per cent electric and the project's impact on the reduction of fuel consumption and traffic congestion will also help reduce local air pollution and noise and make Bangalore a more livable city. By expanding the city's metro system, the project will provide high-capacity north-south connectivity through the center of Bangalore, India's third most populated city, with a population of 9.6 million, he observed.
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