Bangalore Metro Rail Project Phase II Gets € 300 Million
Posted on:06 Oct 2017 14:30:38
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06 October 2017 Current Affairs: The Government of India and European Investment Bank (EIB) signed a Finance Contract for lending of € 300 million (about Rs 2,293 crore) for Bangalore Metro Rail Project Phase II Line R6.
The agreement was signed by S. Selvakumar, Joint Secretary (BC), Department of Economic Affairs (DEA), Ministry of Finance on behalf of the Government of India and Andrew McDowell, Vice President, EIB, on behalf of the EIB.
Bangalore Metro Rail Project Phase II is to be jointly financed by the European Investment Bank (€500 million) and Asian Infrastructure Investment Bank (€300 million).
It aims to ensure modern transport facility for commuters across the city.
The project envisages the extension of East-West & 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.
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