New Delhi, October 6: The Government of India and European Investment Bank (EIB) on Thursday 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. “The first tranche of 300 million euros was signed today,” the finance ministry said in a statement on Thursday. The Ministry further added saying that the objective of the project is to bring in a quantum improvement in the transportation sector in the city in tandem with the Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport.
Bangalore Metro Rail Project:
- 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).
- The project aims to ensure modern transport facility for commuters across the city.
- The project envisages 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.
- The project implementation period is 5 years from date of commencement.
As per a government press release, the spinoffs of the project would include employment opportunities, benefits to the economy, reduction of number of vehicles on road, less fuel consumption, reduction in air pollution, reduction in passenger travel time and also improvement in the aesthetic value of the city.
The Bangalore Metro project, fondly called ‘Namma Metro’ is one of Bangalore’s most ambitious projects. Namma Metro will connect the airport from Nagawara, which is an extension of the north-south line under phase-II. The stations planned at RK Hegde Nagar, Jakkur, Yelahanka, Chikkajala, one on the KIAL road and another at the terminal. As per reports by Economic Times, in the completed phase-I and under construction phase-II, metro station are between 800 metres to 1 km from each other. It was also informed that the average operating speed of a train is around 30 kmph.
The responsibility of implementing the Bangalore Metro Rail Project lies with the Bangalore Metro Rail Corporation Limited (BMRCL), which is a joint venture of Government of India and Government of Karnataka. Namma Metro is, however, an environment-friendly addition as it significantly contributes to the reduction of carbon emissions.