Government of India and European Investment Bank (EIB) signed a contract to lend € 300 million (about Rs 2,293 crore) to India for the Bangalore Metro Rail Project Phase II Line R6. From India it was S. Selvakumar who signed the contract with Vice president of EIB Andrew McDowell. S. Selvakumar is Joint Secretary (BC), Department of Economic Affairs (DEA), Ministry of Finance.
The € 300 million by European Investment Bank (EIB) will be given in parts and first tranche was signed yesterday on 6 October, 2017. The objective of project as said by the government is to bring in a quantum improvement in the transportation sector in the city in tandem with the Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport.
About Bangalore Metro Rail Project:
Bangalore Metro Rail Project phase || is an ambitious project of government to provide modern transport facility to people across the city. Both European Investment Bank (€500 million) and Asian Infrastructure Investment Bank (€300 million) are combinely providing financial support to the project.