BENGALURU (Metro Rail News): The Bangalore Metro Rail Corporation (BMRCL) will get a long-term loan of Rs 2,300 crore (USD 335 million) from the Asian Infrastructure Investment Bank (AIIB) for Namma Metro Phase-II project.
BMRCL has signed a project funding agreement with AIIB to help BMRCL for construction of the 14 km Dairy Circle-Nagawara underground Metro Line, which is part of Reach 6 (Gottigere-Nagawara) of Metro Phase-II.
Apart from this, BMRCL has already raised EUR 500 million from the European Investment Bank (EIB) for Phase-II. EIB agreed to lend the amount in two tranches and the agreement for the first tranche of EUR 300 million was signed in October 2017. The second tranche of EUR 200 million loans was signed in September 2018.
The total loan amount will be equivalent of EUR 800 million for Reach 6. The cost of acquiring land and shifting utilities, the construction of 14 km underground stretch alone is expected to be around Rs 5,000 crore.
BMRCL has already awarded the contract for constructing seven km underground stretch and bids are being evaluated for the remaining seven km.