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K-RIDE inks loan agreement with KfW to avail Rs 4,500 crore: MB Patil
Infrastructure Development Minister MB Patil said on Saturday that the Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) and Germany's KfW Development Bank inked a loan agreement at New Delhi worth Euro 500 million (Approx Rs 4500 crore) which comprises a grant of Euro 4.5 million (Approx Rs 40 crore).
Bengaluru: Infrastructure Development Minister MB Patil said on Saturday that the Rail Infrastructure Development Company (Karnataka) Limited (K-RIDE) and Germany's KfW Development Bank inked a loan agreement at New Delhi worth Euro 500 million (Approx Rs 4500 crore) which comprises a grant of Euro 4.5 million (Approx Rs 40 crore).
The loan which will be availed would facilitate the invitation of Corridor 1, and Corridor 3 and system tenders and expedite the progress of the Bengaluru Suburban Railway Project (BSRP), the Minister stated.
Karnataka government is committed to facilitating sustainable and cost-effective mobility modes to commuters in and around Bengaluru, Patil explained.
BSRP has been sanctioned with a project completion cost of Rs 15,767 crore that involves a loan component of Rs 7,438 crore (Euro 800 million appx.) from Multilateral/Bilateral Financial Institutions.
Philip Vaish, Deputy Director Rukmini Parthasarathi, Swati Khanna (KfW officials), and Department of Economic Affairs (GoI) Additional Secretary Manisha Sinha were present during the signing of the pact.
