Germany to provide 370 Crores INR loan for the Nagpur Metro Project
The Nagpur metro is the first metro project to be financed under this partnership.
On Friday, the German Government’s Development Bank KfW on a mandate from the German Government signed a Loan Agreement for EUR 500 million (370 Crores INR) to co-finance the proposed modern and sustainable metro system for Nagpur city by Nagpur Metro Rail Corporation Limited (NMRCL), a Special Purpose Vehicle set up jointly by Maharashtra State Government and Ministry of Urban Development (MOUD), Government of India. The estimated total project cost is INR 8,680 crores/ EUR 1,240 million.
The funds will be used towards building two metro corridor lines, i.e. the North -South Corridor from Automotive Square to Khapri (19.7 km) and the East-West Corridor from Prajapati Nagar to Lokmanya Nagar (18.6 km).
These two corridors are divided into four main reaches. KfW would specifically consider financing Viaduct for Reaches 2 and 4, elevated stations, track, traction and telecom systems and rolling stock. The project’s physical works began in May 2015, with the award of a civil works contract for the 4.6 km at-grade section.
The metro lines will be commissioned progressively, with the southern and western links expected to be completed and operational by June 2018 and September 2018, respectively. The remaining two links will be completed and the whole Metro would be operational by December 2019.
The agreements were signed in the presence of the German Ambassador Martin Ney, by S. Selvakumar, Joint Secretary Department of Economic Affairs, Roland Siller, Director General, KfW, and Brijesh Dixit, Managing Director, NMRCL.
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