3,717 crore JICA loan for BMRCL phase II project

Bengaluru: Japan International Cooperation Agency (JICA) has signed a loan agreement with the Government of India, to provide Japanese (ODA) loan of JPY 52,036 million (approximately Rs 3,717 crore) for the development of Phase 2 of R6, 2A and 2B of Bangalore Metro Rail Corporation Limited (BMRCL) in Bengaluru.

The Japanese ODA loan agreement was signed between Dr C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance and Mr. Matsumoto Katsuo, Chief Representative, JICA India.

Speaking on the occasion, Katsuo said, "JICA has been promoting the development of quality infrastructure in Bengaluru, which facilitates sustained growth, and has been working for India and Japan's robust bond. It is said that, Bengaluru stands second in CO2 emissions followed by Delhi in 2015 and the Project is expected to contribute to an estimated annual reduction of 89,952 tons of CO2 Greenhouse Gas emissions approximately by year 2031. We look forward to the 'Namma Metro' rail project growing into a punctual, safe, comfortable and eco-friendly travel mode with high reliability of metro services, thus inspiring social innovation for people's lifestyle in the city."

JICA has been supporting in development of major metro projects in the country by providing funds and expertise. The cumulative loan amount provided by JICA for metro projects in India (including Delhi, Bengaluru, Chennai, Kolkata, Mumbai, and Ahmedabad Metro's) exceeds 1.3 trillion Japanese Yen (Rs 87,000 crore approximately).