EIB provides Rs 2700 crore loan for Bengaluru suburban railway
European Investment Bank (EIB) has sanctioned a €300 million (approximately Rs 2,731.02 crore) loan for Bengaluru suburban railway network. This will finance development of a new suburban railway network covering four dedicated rail corridors in Bengaluru. The network will stretch over a total of 149 kilometres (km) and include 58 stations with two depots, an EIB statement said.
EIB said it has already supported Bengaluru's transportation sector with a €500 million loan to build the 23 km Bengaluru Metro R6 line and purchase a fleet of about 96 metro cars.
The EIB’s support for transport in India includes the financing of metro investment in Agra, Bengaluru, Bhopal, Kanpur, Lucknow and Pune, with a total of €3.25 billion committed since 2016. This makes India the largest beneficiary of EIB transport financing outside Europe.
Once the project is fully operational, the Bengaluru transport system will see a 43% drop in CO2 emissions, EIB added.
Commenting on the development, EIB Vice-President Nicola Beer said, “The two projects we are financing in Bengaluru aim to create India’s most integrated rail network, providing seamless connectivity with all other modes of public transport in the city.”
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