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BMRCL signs loan agreement with ADB for 2 key routes

Bangalore Metro Rail Corporation Limited (BMRCL) signed a loan agreement with the Asian Development Bank (ADB) on Thursday in order to complete two key routes along the Outer Ring Road and Airport Metro Corridor. It was signed by BMRCL Managing Director Anjum Parvez, Ministry of Housing and Urban Affairs Director Janardan Prasad, and ADB Country Director Takeo Konishi. BMRCL said in a news release that financial arrangements have been made for Phase 2A and Phase 2B of the metro project.

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B L Yashavanth Chavan, the BMRCL’s chief public relations officer, said on March 26 that the metro corporation had signed another loan agreement with Japan International Cooperation Agency (JICA) for Rs 2,317 crore for the same project. ‘The central and the state governments will contribute Rs 3,973 crore by way of equity and subordinate debt,’ he said, adding that the state government will cover the land acquisition cost of Rs 2,762 crore.

The Centre, earlier, has approved the implementation of phases 2A (Silk Board to KR Puram) and 2B (KR Puram to the International Airport), which will add 58.19 km to Namma Metro at a cost of Rs 14,788 crore. ‘The external assistance amount of Rs 5,960 crore were to be raised by way of loan from multilateral or bilateral funding agencies, for which the agreements were done,’ he added.


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