Date of post: 12 Jan, 2019
The Karnataka government on Friday signed an MoU (Memorandum of Understanding) with European Investment Bank (EIB) to fund Rs 1,540 crore (200 Million Euros) for phase-2 of Bengaluru Metro rail project.
EIB has agreed to lend 500 Million Euros (Rs 3,800 crore) in two tranches to BMRCL to implement Metro phase-2 reach-6 project, from Nagawara to Gottigere.
- Chief Minister H.D. Kumaraswamy and Deputy chief minister G. Parameshwara signed the MoU with EIB officials in Bengaluru on Friday.
- EIB Director Maria Shaw Barragan was present on behalf of the bank.
- At the signing of agreement, the Deputy CM thanked the Bank for funding 200 Million Euros for the Bangalore Metro Rail Corporation Limited for its Phase-2 Reach-6 project from Nagawara to Gottigere.
- This is the second tranche of the payment of 500 Million Euros, Parameshwara said.
- EIB in October 2017 signed a loan agreement for first tranche of 300 Million Euros.
- The Asian Infrastructure Investment Bank (AIIB) has also agreed to lend 300 Million Euros, he added.
- In all, 800 Million Euro funding has come for the project, he said.
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Narinder Sharma is a part of the content team of Rail Analysis India as a writer and marketing executive.
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