Updated By: LatestGKGS Desk
India signed €300 million Agreement with EIB (Bangalore Metro Rail Project Phase II)
India and European Investment Bank (EIB) Agreement of €300 million for Bangalore Metro Rail Project Phase II.
The government of India and European Investment Bank (EIB) has signed the Finance Contract for lending of €300 million for Bangalore Metro Rail Project Phase II Line R. 6 on 5 October 2017.
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).
Agreement of €300 million for Bangalore Metro Rail Project's Objective
The project envisages the extension of East-West & North-South lines for Bangalore Metro Rail. Includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations.
The spinoffs of the project will include employment opportunities, reduction of the number of vehicles on road, benefits to the economy, less fuel consumption, reduction in air pollution, reduction in passenger travel time and also the improvement in the aesthetic value of the city.
This project’s major aim is to bring in the quantum improvement in the transportation sector in the 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.
The project implementation period is 5 years from its date of commencement.
