Bangalore, March 5, 2013;
The French Embassy and Agence Française de Développement (French Development Agency – AFD) today signed 110-million-euro project financing agreement with Bangalore Metro Rail Corporation Limited (BMRCL) for financing phase I of Bangalore Metro Project.
The signing took place in the presence of Karnataka Chief Secretary S V Ranganath, Chief Secretary of Karnataka, and French General Consul in Bangalore Eric Lavertu, between AFD Regional Director for South Asia Ms Aude Flogny, AFD Regional Director for South Asia, and BMRCL Managing Director M N Sivasailam.
The financing, which amounts to 110 million euros, has been earmarked for a long-term Credit facility agreement between AFD and the Government of India, which was signed on February 14, 2013 in New Delhi.
The funding aims at supporting the implementation of Phase I of the Bangalore Metro Project, in partnership with the Government of Karnataka, the Asian Development Bank (ADB) and the Japanese International Cooperation Agency (JICA).
Other Indian financial institutions, such as the Housing and Urban Development Corporation (HUDCO) and the Indian Infrastructure and Finance Company Ltd. (IIFCL) are also contributing to the funding of the project.
The first phase of this metro project consists of two lines totalling 42.3 km and 40 stations, and was partially commissioned in October 2011. The lines will crisscross the city from north to south and east to west. All along the 40 stations, passengers will use a state-of-the-art ticketing system, with user-friendly signage and passenger information system.
By end-2014, the existing system will transport 1.2 million passengers per day and, by 2021, 1.9 million passengers per day.
In addition to easing traffic congestion in this city of 8.5 million inhabitants, the project will contribute to reducing pollution and greenhouse gas emissions equivalent to about seven million tons of CO2 within 30 years.
Bangalore, considered as the third most populous city of India, has become a global technological hub, where about 500 multinational companies are represented.
Phase II of the project, currently under final approval of the Government of India, will cover a stretch of 72 Km. It will consist of extensions of the East-West and North-South lines of Phase-I and the construction of two new lines.
This project reaffirms the resolve of the Governments of India and France to strengthen their partnership in the urban infrastructure sector.
