Bangalore Metro Rail Corporation (BMRCL) has inked a deal with Asian Infrastructure Investment Bank (AIIB) for $335-million loan for completion of Phase-2 of metro rail project. The sovereign loan agreement with AIIB was signed by Managing Director, BMRCL, Ajay Seth, and Director General, AIIB, Supee Teravaninthorn. BMRCL needs to raise ₹12,141 crore through debt, including sovereign loan for execution of this phase of the project. Apart from this, the European Investment Bank (EIB) has agreed to lend €500 million in two tranches for funding a part of Reach-6 (Gottigere to Nagawara), project cost of Phase-2 of the BMRCL. In both cases, the total amount will be equivalent of €800 million for Reach-6, said a BMRCL in a media release and that with the new agreement, BMRCL has tied up funds to the tune of ₹7,300 crore for Phase-2.
📅Published on:
10 June 2019
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