Date of Post: 25 Oct, 2018
Visakhapatnam: The Korean Exim Bank is likely to fund the infrastructure of Vizag metro rail project .Reportedly, the Korean bank has come forward to support the infrastructure cost of the state government’s share of 51% of the metro project, close to Rs 4200 crore.
- The Korean Exim Bank will lend the finance at an interest rate of 6.5 to 7 percent for a period of 20 years, as per a report by the Deccan Chronicle.
- Of the various financial institutions approached by the AMRC (Amaravati Metro Rail Corporation), the Korean Exim Bank came forth with the least rate of interest.
- Earlier, the AMRC has issued RfP (Request for Proposal) to the 5 bidders of the Vizag metro rail project.
- Last year in October, the AMRC had released RfQ for the development of the project, for which the companies had submitted their respective bids.
- Following this, the Monitoring and Evaluation Committee (MEC) had shortlisted all the 5 companies.
- Also, a South Korean delegation had, earlier, met Chief Minister Chandrababu Naidu to express its willingness in extending infrastructure support to the metro rail project in the city.
- Manufacturers of metro coaches, signalling system, and track developers constituted the delegation.
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Deepak Kumar is a part of the content team of Rail Analysis India as a writer and analyst .
His focus is on new initiatives on the Railway Sector of India .
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