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BMRCL to borrow $500 million from ADB for airport metro corridor

The state and central governments will contribute Rs 3,973 crore in equity and subordinate debt
Last Updated : 19 August 2021, 21:25 IST
Last Updated : 19 August 2021, 21:25 IST
Last Updated : 19 August 2021, 21:25 IST
Last Updated : 19 August 2021, 21:25 IST

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The Bangalore Metro Rail Corporation Limited (BMRCL) on Thursday signed an agreement with the Asian Development Plan (ADB) for a $500 million (Rs 3,643 crore) loan for building the airport metro corridor.

The 58.18-km-corridor consists of two metro lines: Silk Board-KR Puram (Phase 2A) and Kasturi Nagar-Kempegowda International Airport (Phase 2B). It is estimated to cost Rs 14,788 crore.

The state and central governments will contribute Rs 3,973 crore in equity and subordinate debt. Karnataka will pay an additional Rs 2,762 crore for land acquisition.

With Thursday's agreement, the BMRCL has achieve the target of raising Rs 5,960 crore through loans from multilateral or bilateral agencies. In March, it secured a $318 million (Rs 2,317 crore) loan from the Japan International Cooperation Agency (JICA).

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Published 19 August 2021, 15:23 IST

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