European Investment Bank to give €500 million to Bangalore Metro1 min read . Updated: 07 Oct 2017, 12:47 AM IST
European Investment Bank (EIB) will give a loan of €500 million to Bangalore Metro for purchase of train cars and construction of metro stations
New Delhi: The European Investment Bank (EIB) will provide €500 million support to the Bangalore Metro Rail Corp. Ltd for the purchase of train cars and the construction of metro stations, a European investment bank said Friday.
The EIB also agreed to “a new partnership with the International Solar Alliance to mobilise finance to develop and deploy affordable solar energy in solar rich countries. The EIB also confirmed plans to provide a record EUR 800m for renewable energy investment across India," a second EIB statement said.
The announcements came after India and the European Union held their 14th summit in New Delhi.
The €500 million for the Bangalore metro is one of the largest EIB loans in India as well as the largest-ever support to sustainable transport outside of Europe, the statement added.
The China-led Asian Infrastructure investment Bank (AIIB) is also expected to support the Bangalore metro in the first-ever joint financing project between the EIB and the AIIB. The EIB loan is for the construction of 18 metro stations and 96 passenger cars for use on the line.
The formal exchange of contracts took place in the presence of Prime Minister Narendra Modi, president of the European Council Donald Tusk and president of the European Commission Jean-Claude Juncker.
The EIB has previously provided €450 million for construction of the new Lucknow Metro.