Nagpur Metro|German Bank assures Rs3800 crore loan for metro rail project

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Nagpur: The ambitious Nagpur Metro Rail project on Tuesday virtually received an assurance of extension of Rs 3800 crore loan from a German Bank. A team of the German Bank KFW was in Nagpur since the past three days to study Nagpur Metro Rail Corporation (NMRC) project in detail. The German team scanned and studied the Metro Rail project report on Tuesday.

According to senior officials of the Metro Rail project, the German Bank’s Director Steffni Ringer and four other team members were apprised of the project in details. The Bank on its part evinced keen interest in the project and hinted positively of extending the Rs 3800 crore loan. The German Bank team focused its attention more on assessing the number of persons to be displaced by the project and the land presently available with Nagpur Metro Rail Corporation. A speedy loan is generally depends on these two aspects. At present, 77 percent of land necessary for Metro Rail project is available with the Corporation.

The number of persons to be displaced by the project is almost negligible. Moreover, under the first phase of the project, work on airport line is being done speedily. Considering all these positive factors, there seems no reason for making available the necessary loan for Metro Rail project, stated the NMRC officials.

The German Bank KFW is likely to announce its decision on extending loan to Nagpur Metro Rail project on Wednesday (Oct 14). The massive loan, if extended, could put the project on fast track.

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