Bangalore: BMRCL (Bangalore Metro Rail Corporation Ltd.) has received in-principle approval from EIB (European Investment Bank) for Rs 3,700 crore (approx US$ 573.6 Million) loan for the 13.79-km underground section in Phase 2.
BMRCL MD Pradeep Singh Kharola said,”The 13.79-km underground section is part of the 21.25-km new line in Reach 6 of Phase 2 extension that will connect Nagawara and Gottigere. EIB has agreed in principle to provide Rs 3,700-crore loan.”
A delegation from the bank visited BMRCL last week and organised meetings.
Kharola said,”They have inspected the Metro projects already in progress. They will submit a report to EIB’s higher officials on BMRCL’s repayment capacity based on which we will get the loan.”
“We have learnt many lessons now. We will take appropriate steps so that mistakes are not repeated in Phase II” Kharola said. .
The underground section from Nagawara to Dairy Circle in Reach 6 (Phase 2) has 12 stations.
From Swagath Road Cross to Gottigere, the Metro will run on an elevated section.
The line links major hubs like MG Road, Shivajinagar & Cantonment railway station.