Bangalore Metro Update : European Investment Bank (EIB) Signs a Finance Contract to Lend €300 million For Second Phase of Bangalore Metro

Bangalore Metro Update : European Investment Bank (EIB) Signs a Finance Contract to Lend €300 million For Second Phase of Bangalore Metro

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Date of Post: 06 Oct, 2017

On Thursday October 05, 2017, the European Investment Bank (EIB) signed a finance contract with the government to lend €300 million for the second phase of the Bangalore Metro Rail Project.

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FINANCING THE SECOND PHASE

  • EIB and Asian Infrastructure Investment Bank will jointly finance the second phase of this project.
  • The EIB is expected to offer a total of €500 million for this project, out of which the agreement for the first tranche of €300 million was signed on Thursday.

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ABOUT THE SECOND PHASE

  • The project envisages extension of East-West and North-South lines of Bangalore Metro Rail.
  • It includes a total length of 72.095 km out of which 13.79 km is underground.
  • It will have 61 stations with 12 underground stations.
  • The project implementation period is 5 years from the date of commencement.

OBJECTIVE OF THE PROJECT

“The objective of the project is to bring in a quantum improvement in the transportation se

ctor in the city in tandem with the Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport,” the ministry said, adding the project aims to ensure modern transport facility for the commuters.

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THE SPINOFFS OF THE PROJECT WOULD INCLUDE

  • Employment Opportunities
  • Benefits to the Economy
  • Reduction of Number of Vehicles on Road
  • Less Fuel Consumption
  • Reduction in Air Pollution
  • Reduction in Passenger Travel Time
  • Improvement in aesthetic value of the city

 

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