The Asian Infrastructure Investment Bank (AIIB) has approved a USD 335 million loan for a metro project in Bangalore. The investment in the Bangalore Metro Rail Project-Reach 6 (R6) is the AIIB’s first metro project and its first joint financing partnership with the European Investment Bank, which is the project’s lead financier with 500 million euros in funding.
By expanding the city’s metro system, the project will provide high-capacity north-south connectivity through the center of Bangalore, India’s third most populated city, with a population of 9.6 million. The metro project is 100 per cent electric. Travel times for some journeys impacted by the lack of a metro system are expected to drop from two hours today to 15 minutes when the R6 line is completed.
“We’re investing in this metro project because of its potential to greatly improve the mobility of commuters and further economic growth through better connectivity … The project’s impact on the reduction of fuel consumption and traffic congestion will also help reduce local air pollution and noise and make Bangalore a more livable city,” AIIB Vice President and Chief Investment Officer DJ Pandian said.
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