The Bangalore Metro Rail Corporation Ltd. (BMRCL) on Thursday announced that it has signed a loan agreement with the Asian Development Bank (ADB) for USD 500 million (about ₹3,643 crore) for the Outer Ring Road-Airport line.
With this, financial arrangements have been made for Phase 2A and Phase 2B of the metro project, said BMRCL in a press release. The 58.19-km Namma Metro stretch was approved by the Centre earlier this year at a cost of ₹14,788 crore.
The Union and State governments will contribute ₹3,973 crore by way of equity and subordinate debt. Land acquisition costs, estimated at ₹2,762 crore, will be funded by the Government of Karnataka.
The BMRCL will raise the remaining amount of ₹5,960 crores through loans. In March, it had entered into a loan agreement with JICA for USD 318 million (₹2,317 crore).
