Karnataka government & European Investment Bank sign MoU to fund Rs 1,540 crore for phase-2 of Bengaluru Metro project

Karnataka government & European Investment Bank sign MoU to fund Rs 1,540 crore for phase-2 of Bengaluru Metro project

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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.

More Information:

  • 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.

To know more about recent developments of Bangalore Metro –

23 Nov, 2018: Bangalore Metro Update: Karnataka CM Flags Off Third 6-coach Train

02 Nov, 2018: L&T Wins Rs 138 Crore Order for Supply of Telecommunication Systems for Extension of Bangalore Metro Phase-1

27 Oct, 2018: Phase-2 of Bangalore Metro Rail project to likely Cost Rs 32,000 Crore


Author:

Narinder Sharma is a part of the content team of Rail Analysis India as a writer and marketing executive.
His interest is in the Railways , Metro and Transportation Sector of India .
Please reach us at editor@railanalysis.com for more information .

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