Ahmedabad metro project back on track
After a decade, the Ahmedabad metro rail project is finally on track. Japan International Co-operation Agency (JICA) has agreed to a long-term soft loan worth Rs 5,900 crore. This will take care of funding for the first phase of construction.
JICA officials concluded the final assessment of the project in July-end on various technical and financial parameters. The governing body for the metro project, Metro-Express Gandhinagar Ahmedabad (MEGA), had sought a 30-year loan of Rs 5,900 crore from JICA at 1.4 percent interest.
The payback period starts after 10 years at 1.4 percent interest. The Japanese are strict about project schedules and issues like viability. We have convinced them on both counts. The project will cost Rs 10,675 crore – this doesn’t include the link up to Gandhinagar. The central government will give exemptions worth Rs 3,000 crore stated a senior urban development official.
The metro work has become final after the loan has been provided by the Japanese Agency. This has worked in the betterment of the city. The foreign investors are coming up these days for development works in India.
Source: The Times of India
Ahmedabad Metro Rail project, Development, Japan International Co-operation Agency, Japanese Agency, JICA, MEGA, Metro-Express Gandhinagar Ahmedabad
