BMRCL signs project agreement with EIB.

The European Investment Bank (EIB) has agreed to lend €500 million in two tranches to fund the Gottigere- Nagawara metro line under Phase II.

On Tuesday, BMRCL MD Mahendra Jain signed a project agreement with Sunita Lukkhoo, senior loan officer, EIB. Ms. Lukkhoo said that the financial support being extended is the largest ever for sustainable transport outside Europe.

BMRCL is borrowing a total of €800 million to implement the 21-kilometre Gottigere- Nagawara line.

Mr. Jain said that the metro project in the city has been very successful, as it has received large patronage with average ridership at 3.70 lakh per day, which goes up to 4 lakh on some days. “The financial support from EIB would support one of the densest corridors in the metro network, which would subsequently connect to Kempegowda International Airport.”

THE HINDU