The Delhi Metro Rail Corporation (DMRC) has paid back an amount of Rs.567.63crore to the Japan International Cooperation Agency (JICA). This amount includes the loan amount for Phase – I as well as the interest amount for Phase – I and II.
On Saturday DMRC officials said the JICA had sanctioned a loan of Rs.6434.06crore for Delhi Metro's Phase – I project on an annual interest of 1.30-2.30 per cent. “The loan was received by the DMRC in a total of 6 tranches. Phase – I comprised of 65 km and was completed in 2002 with a total completion cost of Rs.10,571crore out of which 60 per cent was financed by JICA,” said a DMRC spokesperson. The total cost for Phase – II is approximately Rs.20,000 crore and JICA is financing 49.19 per cent of this project. For DMRC's Phase – II JICA has sanctioned a loan amount of Rs.9686.69 crore to be paid in 5 tranches on an annual interest of 1.20-1.40 per cent. Till date 4 tranches have been paid to DMRC. Phase-II comprises 124.61 kms and will be completed by September 2010 before the Commonwealth Games.
“The DMRC started paying back the loan for Phase – I (1st tranche) and the interest amount in the year 2007. The total loan paid back for Phase – I is Rs.95.83crore and the interest on the loan amount for both Phase – I and II has been paid back to the tune of Rs.471.73crore,” said the spokesperson.
The loan payback period for both Phase – I and II is 30 years with a moratorium of 10 years. Hence, DMRC can pay back the loan for Phase – I by 2035 and for Phase – II by 2040.
“After completion of Phase – I and II Delhi Metro will have a total network of over 190 kms covering the Delhi and NCR regions. Phase – II is also crucial to the city of Delhi from the point of view of the Commonwealth Games because the Metro link will be connecting 10 out of a total of 11 Commonwealth Games venues,” the spokesperson said.