Bangalore Metro Rail Project Phase II- Line R6 – India signs €300 million Finance Contract with European Investment Bank (EIB) for financing

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The Joint Secretary, DEA, Shri S. Selvakumar and the Vice President, European Investment Bank, Mr. Andrew McDowell signed the Bangalore Metro rail Project finance contract, in New Delhi on October 05, 2017.
The Joint Secretary, DEA, Shri S. Selvakumar and the Vice President, European Investment Bank, Mr. Andrew McDowell signed the Bangalore Metro rail Project finance contract, in New Delhi on October 05, 2017.
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Azadi Ka Amrit Mahoutsav

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India signs €300 million Finance Contract with European Investment Bank (EIB) for financing Bangalore Metro Rail Project Phase II- Line R6.

Government of India and European Investment Bank (EIB) today signed the Finance Contract for lending of € 300 million for Bangalore Metro Rail Project Phase II Line R6. The agreement was signed by Shri S. Selvakumar, Joint Secretary (BC), Department of Economic Affairs (DEA), Ministry of Finance on behalf of the Government of India and Mr. 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). The first tranche of Euro 300mn was signed today. 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 of the Project.

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. The project aims to ensure modern transport facility for the commuters. 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.

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Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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