200 Mn euro Project Agreement between AFD & BMRCL
In the presence of Mr Siddaramaiah, Hon’ble Chief Minister of Karnataka, and Mr François Gautier, Consul General of France in Bangalore, the French Development Agency (AFD) and the Bangalore Metro Rail Corporation Limited (BMRCL) today signed a Project Agreement in Bengaluru to finance Phase II of the Bangalore Metro.
The agreement was signed between Mr Nicolas Fornage, AFD Regional Director for South Asia, and Mr Pradeep Singh Kharola, Managing Director of BMRCL.
The financing, which amounts to 200 million euros, has been earmarked for a Credit Facility Agreement between AFD and the Government of India, which was signed on September 3, 2015 in New Delhi.
After providing a loan of 110 million euros for Phase I of the Bangalore Metro in 2012, AFD’s new funding aims at partially financing Phase II of the metro. Other financial institutions – multilateral/ bilateral/ Indian - are also contributing to the funding of the project.
With this new funding, AFD has notched up 490 million euros in total contribution to the sustainable urban transport sector in India.