Bangalore Metro Rail Corporation (BMRCL) and Asian Infrastructure Investment Bank (AIIB) have signed a project funding agreement for $335-million loan for the Phase-2 of Bangalore Metro rail project.
BMRCL needs to raise Rs. 12,141 crore through senior debt, including sovereign loan, for the Phase-2 work.
“European Investment Bank (EIB) has agreed to lend €500 million in two tranches, for funding part of Reach-6 (Gottigere to Nagawara), project cost of Phase-2 of the BMRCL. AIIB agreed to co-finance $335 million with EIB. Thus, the total amount will be equivalent of €800 million for Reach-6,” said a BMRCL release.
The sovereign loan agreement with EIB for the first tranche of €300 million was signed on October 5, 2017. The loan agreement for the second tranche of €200 million was signed on September 28, 2018.
The sovereign loan agreement with AIIB was signed on June 4 by Ajay Seth, Managing Director, BMRCL, and Supee Teravaninthorn, Director General, AIIB.
“With signing of this loan agreement, BMRCL has tied up funds to the tune of Rs. 7,300 crore for Phase-2. BMRCL will tie up the remaining funds in due course of time,” the release said.
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