The Government of India and KfW Germany signed a €340 million (Rs. 3,044.54 crore) loan agreement to support Bangalore Metro Rail Project Phase-2, achieving 100% financial closure. A separate project agreement was signed between KfW and BMRCL. This milestone secures external funding for the metro’s expansion, boosting urban connectivity and infrastructure development.
Financial Details:
This agreement marks the 100% financial closure of Bangalore Metro Rail Project Phase-2. The project had previously secured Rs. 9,096.60 crore from JICA, AFD, AIIB, and EIB against an approved senior debt of Rs. 12,141.14 crore.
Significance:
The milestone ensures complete external funding for the metro expansion, enhancing public transit infrastructure in Bangalore and supporting sustainable urban growth.
Image Credit: BMRCL
Signatories for Loan Agreement:
- Ms. Manisha Sinha, Additional Secretary (DEA), Government of India
- Ms. Carolin Gassner, Director (South Asia), KfW Germany
Separate Project Agreement:
- A project agreement was signed between Bangalore Metro Rail Corporation Limited (BMRCL) and KfW Germany. The signatories included:
- Mr. Maheshwar Rao, IAS, Managing Director, BMRCL
- Ms. Carolin Gassner, Director (South Asia), KfW Germany
Conclusion:
The €340 million loan from KfW Germany signifies a pivotal moment for Bangalore Metro Rail Project Phase-2, ensuring full financial closure. This collaboration reinforces the commitment to developing efficient urban transport infrastructure, addressing mobility challenges, and fostering economic and environmental sustainability in one of India’s fastest-growing cities.
Source: BMRCL | Featured Image Credit (representational): BMRCL