NEW DELHI: India will get EUR 300 million from European Investment Bank (EIB) for financing Bangalore Metro Rail Project Phase II- Line R6, according to finance ministry. Bangalore Metro Rail Project Phase II is to be jointly financed by the European Investment Bank (EUR 500 million) and Asian Infrastructure Investment Bank (EUR 300 million). The first tranche of EUR 300 million was signed on Thursday.
The project is to be completed in five years from the date of commencement of work. The finance ministry stated that the project aims to ensure modern transport facility for the commuters. The project is expected to generate employment opportunities, and help push the economy. In addition, the metro will help in reducing the number of vehicles on road, consuming less fuel, cutting air pollution, lowering passenger travel time and also in improving the aesthetic value of the city.
The contract was signed by S Selvakumar, joint secretary, Department of Economic Affairs (DEA), and Andrew McDowell, vice-president, EIB. The project includes extension of East-West & North-South lines covering 72.095 km (13.79 km underground) and 61 stations with 12 underground stations.