BMRCL metro gets €500-mn EIB booster

    Bangalore metro rail corporation (BMRCL)
    Injecting a major funding booster to the metro project, the European Investment Bank (EIB) has agreed to lend €500 million in two tranches to fund the Gottigere- Nagawara metro line under Phase II of the Bangalore metro rail corporation (BMRCL), managing director Mahendra Jain said adding that the company has signed a project agreement with Sunita Lukkhoo, senior loan officer, EIB. The officer said that the financial support being extended is the largest ever for sustainable transport outside Europe. BMRCL is borrowing a total of €800 million to implement the 21-kilometre Gottigere- Nagawara line. The metro project in the city has been very successful, as it has received large patronage with average ridership at 3.70 lakh per day, which goes up to 4 lakh on some days. The financial support from EIB would support one of the congested corridors in the metro network, which would subsequently connect to Kempegowda International Airport. The European Investment Bank (EIB) has agreed to lend 500 million in two tranches, for funding Reach 6 (Gottigere to Nagavara) of Phase 2 of the Bangalore Metro Rail Corporation Limited. Asian Infrastructure Investment Bank (AIIB) will co-finance with EIB for 300 million thus the total loan amount will be 800 million for Reach 6, he added.
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