The European Investment Bank (EIB) today said it will provide 500 million euro to support construction of a new 18-station Rapid Transit line in Bengaluru and purchase of 96 train cars to be run on the line.
"The new support for investment by Bangalore Metro Rail Corporation to improve city transport is the largest ever support for sustainable transport outside Europe and will cut travel times for some journeys from 2 hours today to 15 minutes when the new line is complete," it said in a statement.
The investment to expand the second longest urban metro system in the country is the largest ever EIB loan in India and also the largest ever support for sustainable transport outside Europe.
The loan agreement was formally exchanged by Andrew McDowell, EIB Vice President and representatives of the Indian Ministry of Finance at the 14th India European Union summit.
"The EUR 500 million financing agreed with the European Investment Bank, the Bank of the European Union, demonstrates Europe s commitment to support world class climate related investment across Asia and the increased momentum of EIB financing for urban transport across India," said McDowell.
The 22 km Reach 6 metro line is scheduled to become operational in 2021. The project includes both underground tunnels and elevated tracks.
Reach 6 is an important part of the second phase of the Bangalore Metro and a key component of the future rail link to Bangalore Airport. Over 800 people are expected to be employed during construction.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)