Bengaluru: In a positive development, the European Investment Bank and the Asian Infrastructure Investment Bank have sanctioned ₹3,600 crore for Phase II, City Development Minister K.J. George announced on Thursday. The estimated total cost of the 72.1 kilometre project is ₹26,405 crore.
“Apart from this, French agency AFB has sanctioned €250 million for the project. This is a sign that lenders are confident about the financial viability of Namma Metro,” he said.
BMRCL has already used around €40 million of the sanctioned amount, officials said.
Once Phase I is operational, BMRCL is hoping to cater to 5 lakh commuters daily. The number is estimated to grow to 10 lakh by the time phase II is made operational.
“Funding for future projects will become easier. Metro projects are never complete and an extension is always being planned,” the minister said.
Phase I cost ₹13,845 crore for which the lenders were Japan International Co-operation Agency (JICA), Asian Development Bank (ADB) and the Housing and Urban Development Corporation (HUDCO).
