French Development Agency (AFD) and Bangalore Metro Rail Corporation Limited (BMRCL) signed a EUR 200 million Project Agreement to finance the phase II of the metro development, The Economic Times informs.
The EUR 200 million financing has been earmarked for a Credit Facility Agreement between AFD and the Indian government, signed on September 3, 2015 in New Delhi.
Phase II will cover a stretch of 72 km and will undertake the extension of the two existing lines as well as the construction of two new lines. The financing of this new phase is allocated for the extension of the two existing lines.
Phase I of the Bangalore Metro, started by the BMRCL in 2008, included introduction of two lines (covering 42 km with 40 stations), crisscrossing the city from North to South and East to West, and partially running since 2011.