German Bank to provide loan assistance of Rs. 3,750 crores for metro system of Nagpur
Posted on:02 Apr 2016 14:39:11
02 April 2016 Current Affairs: German government's development bank, will provide a loan assistance of EUR 500 million (around Rs 3,750 crore) for the new sustainable metro system for the city of Nagpur city that is being executed by the Nagpur Metro Rail Corporation Limited (NMRCL). An agreement to this effect was signed on Friday in New Delhi by the department of economic affairs and KfW. The loan period is 20 years with a moratorium of five years and disbursal will be based on the progress of the project over the next three years. The Nagpur Metro with a total cost of Rs 8,680 crore is the first metro to be financed under the Indo-German partnership for clean, socially inclusive and climate friendly mobility for people in cities. The Nagpur Metro was sanctioned by the government of India in August 2014. It will have two corridors the 19.70 km North-South section from Automotive Square to Khapri and the 18.60 km long line between Prajapati Nagar and Lokmanya Nagar. Physical work on the two lines commenced in May 2015 and the entire Metro would be operational by March 2019.
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