Nagpur: A team of German Bank KfW, which has in-principle agreed to sanction a loan of Rs 3,700 crore for Nagpur Metro Rail, has reviewed the progress of the project.
The team, which is on a five-day visit of the orange city, held discussion on Wednesday with officials of Nagpur Metro Rail Corporation Ltd (NMRCL), which is executing the rapid mass transport project.
NMRCL Managing Director Brijesh Dixit also took part in the discussion, which was aimed at finalising the process for funding the project, a release from the company said. Representatives from KfW Bank and NMRCL visited the proposed sites of metro rail alignment at Congress Nagar, Santra Market and Gol Bazaar Market.
KfW appreciated the inclusive approach by NMRCL towards the Project Affected People (PAP) as well as different stake-holders, the release said. Of the total land required for the venture, 77 per cent has already been acquired. Construction on one of the corridor has also started. KfW has agreed to sanction a loan of Rs 3,700 crore which is to be repaid by NMRCL over a period of 20 years.