India And KfW Germany Sign Rs 3,045 Crore Loan Agreement For Bangalore Metro Phase-2

An agreement has signed between the Government of India and KfW Germany on Friday for a Rs 3,044.54 crore loan for the Bangalore Metro Rail Project Phase-2, officials said. With the signing of this loan agreement, 100 per cent financial closure has been achieved for the Bangalore Metro Rail Project Phase-2, they added.

Additionally, a separate project agreement was signed between the Bangalore Metro Rail Corp. Ltd. and KfW Germany, officials said.

In a statement, BMRCL officials mentioned that, against the approved senior debt of Rs 12,141.14 crore, Rs 9,096.60 crore had already been tied up earlier by the Government of India through other funding agencies.

"With the signing of the loan agreement, the external loan has been fully tied up for the Bangalore Metro Rail Project Phase-2," the statement said.