India signs €300 million agreement with European Investment Bank for Bangalore Metro Phase II

Government has signed Finance Contract with European Investment Bank (EIB) for lending of €300 million for Bangalore Metro Rail Project Phase II Line R6.
The Phase II of metro project is jointly financed by EIB (€500 million) and Asian Infrastructure Investment Bank (€300 million). The project envisages extension of East-West & North-South lines for Bangalore Metro Rail which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations.

Bangalore Metro Phase II

The objective of project is to bring in quantum improvement in transportation sector in city in tandem with Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport. It aims to ensure modern transport facility for the commuters.
The spinoffs of the project will include employment opportunities, reduction of number of vehicles on road, benefits to economy, less fuel consumption, reduction in air pollution, reduction in passenger travel time and also improvement in aesthetic value of city.

Month: Current Affairs - October, 2017