Bangalore Metro Rail Corporation Limited (BMRCL), on Tuesday, inked a €110 million project financing agreement with the French Embassy and French Development Agency (AFD) financing Phase I of Namma Metro project.
The agreement was signed between Aude Flogny, Regional Director for South Asia, AFD and N Sivasailam, Managing Director, BMRCL in the presence of S V Ranganath, Chief Secretary, and Eric Lavertu, French General Consul in Bangalore.
A senior official from BMRCL said the financing has been earmarked for long-term credit facility agreement between AFD and Government of India, which was signed on February 14, 2013 in New Delhi.
The funding will support implementation of Phase I of Namma Metro, in partnership with Government of Karnataka, the Asian Development Bank (ADB) and the Japanese International Cooperation Agency (JICA).
Other Indian financial institutions, such as Housing and Urban Development Corporation (HUDCO) and Indian Infrastructure and Finance Company Ltd. (IIFCL) are also contributing to the funding of the project.
The first phase, consisting of two lines totalling 42.3 km and 40 stations, was partially commissioned in October 2011.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks