Korean Exim Bank Expressed Interest In Funding Visakhapatnam Metro Rail Project

Korean Exim Bank Expressed Interest In Funding Visakhapatnam Metro Rail Project

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Date of Post: 17 Nov, 2017

Visakhapatnam: A team from Korean Exim Bank have arrived in Visakhapatnam. They have come to look at possible infrastructure projects in AP which have good investment potential.

The Bank Show Interest In Funding Vizag Metro

  • They held discussions with MD, AMRC (Amaravati Metro Rail Corporation Limited), N.P. Ramakrishna Reddy and other officials for the last two days, and expressed intention to invest Rs 4,500 crores.
  • The Korean delegation also met minister for MA&UD Dr P. Narayana, and after detailed discussion, expressed in-principle willingness to fund Visakhapatnam Metro Rail at lesser interest rate, 5-6 per cent per annum.

The Metro Project

  • The Visakhapatnam Metro rail project is moving forward & AMRC has already called for tenders.
  • The project will be executed under Public-Private Partnership (PPP) model.
  • As part of it, the state government has to invest Rs 4,500 crore towards the development of civil infrastructure for three corridors, stretching to a length of 42 km.
  • The rest of the project which will include rolling stock and O&M is proposed to be invested by a private developer, which is estimated to be about Rs 4,000 crore.

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