Bangalore (Metro Rail News): Bangalore Metro Phase 2 has achieved a major milestone by securing 100% external funding. On 13 December, the Government of India signed a Rs 3,044.54 Crore (€340 million) loan agreement with KfW Germany marking the 100% financial closure for the Phase 2 project.
According to the BMRCL release, the agreement was signed by Ms. Manisha Sinha, Additional Secretary (DEA), on behalf of the Government of India, and Ms. Carolin Gassner, Director (South Asia), on behalf of KfW Germany.
The loan agreement was inked in the presence of the BMRCL Finance Director and officials from the offices of KfW Germany and India. The signing ceremony took place at the KfW office located in New Delhi.
BMRCL officials mentioned that, of the total approved senior debt of ₹12,141.14 crore, ₹9,096.60 crore had previously been secured by the Government of India through funding from JICA, AFD, AIIB, and EIB.
Additional Information
Besides the loan agreement, BMRCL and KfW Germany also signed a separate project agreement in respect of the said loan. Sri Maheshwar Rao, IAS, Managing Director, BMRCL and Ms. Carolin Gassner, Director (South Asia), KIW Germany signed the agreement
