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The European Investment Bank (EIB) will lend €300 million for Bangalore Metro Rail Project Phase II Line R6.
The agreement was signed on Thursday by S Selvakumar, Joint Secretary (BC), Department of Economic Affairs (DEA), Union Ministry of Finance and Andrew McDowell, Vice-President.
Bangalore Metro Rail Project Phase II will be jointly financed by the European Investment Bank (€500 million) and Asian Infrastructure Investment Bank (€300 million). The agreement signed today was for first tranche of €300 million. The project envisages extension of East-West and North-South lines for Bangalore Metro Rail which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations.
The project implementation period is five years from date of commencement of the work.
The objective of the project is to bring in a quantum improvement in the transportation sector in the city in tandem with the Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport.
A statement said project aims to ensure modern transport facility for the commuters.
The spinoffs of the project would include employment opportunities, benefits to the economy, reduction of number of vehicles on road, less fuel consumption, reduction in air pollution, reduction in passenger travel time and also improvement in the aesthetic value of the city.
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