Nagpur, Dec 17 || The Asian Development Bank (ADB) will extend financial assistance of Rs 1,527 crore (USD 200 million) to speed up Phase II of the ongoing Nagpur Metro Rail Project, officials said on Tuesday.
A MoU to the effect was signed between MahaMetro and ADB in the presence of Chief Minister Devendra Fadnavis and other high-ranking officials from both sides.
Fadnavis said that Phase II of Nagpur Metro would further accelerate the development of Nagpur City and its surroundings.
MahaMetro Managing Director Shravan Hardikar and ADB Director Mio Oka inked the MoU today.
Phase II of Nagpur Metro will get a total funding of Rs 3,586 crore from the ADB and the European Investment Bank (EIB). Of this, the ADB will provide Rs 1,527 crore in Japanese Yen at a comparatively lower rate of interest on the loan, and the remaining Rs 2,059 crore shall be given by EIB, said the officials.
Costing around Rs 6,600 crore, the NMRP Phase-II will cover a distance of Rs 43.8 km comprising four different routes, the officials added.
They are: Khapri-MIDC ESR (18.5 kms), Automotive Square-Kanhan River (13 kms), Prajapati Nagar-Transport Nagar (5.6 kms) and Lokmanya Nagar-Hingna (6.7 kms).