BMRCL signs Rs 3.000 cr loan agreement for Namma Metro Phase 2

Bengaluru : BMRCL has signed a Rs 3000 crore loan agreement for Namma Metro Phase 2, thereby obtaining full external financing for the Phase 2 project. The Government of India has signed a loan agreement with German investment bank KfW for a loan of Rs 3,044.54 crore (€340 million) in New Delhi by Manisha Sinha, Additional Secre-tary, Department of Economic Affairs, and Caroline Gassner, Director (South Asia), KfW Germany. BMRCL Managing Director M Maheshwar Rao signed a separate agreement with Gassner at the KfW office.

The Phase 2 project covers a route of 75.06 km and has so far received a loan of Rs 12,141.14 crore. A loan of Rs 9,096.60 crore has been obtained through Japan Inter-national Cooperation Agency, Agence Française de Développement, Asian Infra-structure Investment Bank, and European Investment Bank, and now a loan has been obtained from Germany’s KfW Bank. Rs 30,695 crore was approved for the work of Namma Metro Phase 2, but due to delays in the work, additional land requirement for the work and other reasons, the project cost has increased by Rs 40,614.27 crore.

The Cabinet meeting approved the pre-planning preparation of the 36.59 km long metro work from Sarjapur to Hebbal in Phase-3 of the Bangalore Metro Rail Project. Also, the Cabinet has advised that civil works be undertaken after obtaining the ap-proval of the Central Government. Rs 28,405 crore. It is proposed to construct a 36.59 km long metro line from Sarjapur to Hebbal at an estimated cost, and the work of a 22.14 km elevated line with 17 metro stations and a 14.45 km tunnel line with 11 sta-tions has to be carried out.

A loan has to be taken through the Government of India in the form of sovereign loan or pass-through assistance (PTA). Pre-planning activities can be carried out in this regard after waiting for the approval of the Centre.

The cabinet has decided that civil work can be carried out after the approval of the Centre.

Some of the 1611 km long main and sub-main roads in the BBMP area were in disre-pair and were widely criticized.

Therefore, 389.68 km of road was urgently developed at a cost of Rs 694 crore, and ex-post facto approval was obtained in the cabinet meeting. The Cabinet has approved the implementation of a multi-storey housing pro-ject under the PPP model by the Karnataka Housing Board in an area of 2.06 acres in Huskuru village of Bidarahalli hobli in Bengaluru city district. The estimated cost of this is Rs 64.78 crore.