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.