The Government of India and European Investment Bank (EIB) today signed a finance contract in New Delhi for a € 300 million (approx. Rs. 2300 crores) loan agreement to develop Bangalore Metro’s 21.415 km Line-4 (Reach 6).
The agreement was signed by S. Selvakumar, Joint Secretary of the Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Andrew McDowell, Vice President of EIB in the presence of Bangalore Metro’s Managing Director Pradeep Singh Kharola.
The loan period or interest rate haven’t been disclosed at this time.
This € 300 million represents the first tranche of a larger € 500 million assistance, and an agreement for the rest € 200 million is expected to be signed in the coming years. A similar loan agreement for another € 300 million loan is expected to be signed with the Asian Infrastructure Investment Bank (AIIB) in 2018.
This loan’s proceeds will directly go towards the development of Bangalore Metro’s 21.415 km Line-4 (Reach 6) between Gottigere and Nagawara in the 73.95 km Phase 2 project, which includes two cost-intensive components – (1) a 13.92 km underground section with 12 stations and (2) a requirement for about 96 new metro coaches.
An alignment map of Line-4 can be viewed here.
Line-4’s Status – the 7.50 km elevated (Gottigere – Dairy Circle) section’s contract was recently awarded to Simplex Infrastructures while the last date for submitting bids for the 13.92 km underground (Dairy Circle – Nagawara) section has been extended out to October 23. Bids for the Kothanur Depot’s construction and systems (rolling stock, signalling, telecommunication, automatic fare collection etc.) procurement are yet to be invited.
For more updates, check out the Bangalore section of The Metro Rail Guy!