Namma Metro gets Rs 787 crores from French firm
The French Embassy and French development agency, Agence Francaise de Development (AFD) has signed an agreement with Bangalore Metro Rail Corporation Ltd (BMRCL) for providing Euro 110 million (about Rs 787 crore) finance to Bangalore Metro project.
They signed a project Financing Agreement this week. The financing has been earmarked for a long term Credit Facility Agreement between AFD and the Government of India, which was signed on February 14, 2013 in New Delhi. The funding aims to support implementation of Phase I of the Bangalore Metro Project, in partnership with the Government of Karnataka, the Asian Development Bank (ADB) and the Japanese International Cooperation Agency (JICA).
Other Indian financial institutions such as the Housing and Urban Development Corporation and the Indian Infrastructure and Finance Company Limited are also contributing to the funding of the project.
The first phase of this metro project consists of two lines, totalling 42.3 km and 40 stations, and was partially authorized in October 2011. The lines will criss-cross the city from north to south and east to west. By the end of 2014, the existing system will accommodate 1.2 millions passengers per day and 1.9 million per day by 2021. In addition to that, the project will contribute to reduce the pollution and green house gas emissions equivalent to about 7 million tonnes of CO2 within 30 years.
In April 2011, the Asian Development Bank (ADB) extended up to $250 million (Rs 1,372 crore), while HUDCO sanctioned a loan of Rs 700 crore to Namma Metro project of Bangalore in October 2011.
Both the government of Karnataka and government of India have taken 15 percent each of equity stake in BMRCL. The cost of first phase of the metro is estimated at Rs 11,609 out of which the corporation has spent Rs 8,151 crore till now.
The project has touched 66 percent as of January end 2013. The entire Phase-I will be completed by December 2014.
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Bangalore, Bangalore metro, Bangalore Metro Rail Corporation Limited, BMRCL Bangalore, Citizens in Bangalore, Metro construction work, Metro corporation, properties in Bangalore, Real Estate Sector
