Germany’s Development Bank KfW to provide loan assistance to metro system for Nagpur

Germany’s Development Bank KfW will provide loan assistance of 3750 crore rupees for the modern and sustainable metro system for Nagpur city.
In this regard, a loan agreement was signed by Joint Secretary in Department of Economic Affairs S Selvaraj and Director General of KfW Roland Siller in New Delhi.
The loan period is 20 years with a moratorium of 5 years and disbursal will be based on the progress of the project over three years.
With this Nagpur metro project becomes first metro to be financed under the Indo-German partnership for clean, socially inclusive and climate friendly mobility for people in cities.
The project is being executed by Nagpur Metro Rail Corporation Limited and its total costing is of 8,680 crore rupees.

Month: Current Affairs - April, 2016