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BANGALORE: The second phase of the Bangalore Metropolitan Rail Corporation Ltd. (BMRCL) project received a major boost as the authorities signed a loan agreement for $335 million with the Asian Infrastructure Investment Bank (AIIB) on June 4. This amount is excluding the pre-sanctioned £500 million loan from the European Investment Bank (EIB) and is a part of the fund for Reach-6 of Phase II (Gottigere to Nagawara stretch).
This brings up the approximate funding for the project to Rs 7,300 crore against the pre-determined amount of Rs 12,141 crore.
Earlier, in October 2017, a sovereign loan agreement of €300 million was signed between the Government of India and the EIB. Agreement on a second tranche of loan (€200 million) was signed in September 2018.
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