The Japan International Cooperation Agency (JICA) on Friday signed a loan agreement with the Indian government to extend financial support of approximately ₹3717 crore (JPY 52036 million) to help with the second phase of construction of the Bengaluru Metro.
JICA has supported several metro projects in major cities of India like Delhi, Bengaluru, Chennai, Kolkata, Mumbai and Ahmedabad with loans of around ₹87,000 crore (JPY 1.3 trillion), according to a statement by the company.
The latest loan will help with the on-going construction of Phase-II of the Bengaluru Metro which is under various stages of construction.
“JICA has been promoting the development of quality infrastructure in Bengaluru, which facilitates sustained growth, and has been working for India and Japan’s robust bond. Bengaluru stood second in CO2 emissions followed by Delhi in 2015 and the project is expected to contribute to an estimated annual reduction of 89,952 tons of CO2 Greenhouse Gas emissions approximately by year 2031,” Matsumoto Katuso, chief representative of JICA in India said in a statement on Friday.
The investment agency has so far funded several of the Bengaluru Metro stretches since March 2006.
The latest funding will go towards the construction of around 80 km of metro rail network that covers line R6 (Nagawara to Gottigere, a distance of around 22.0 km), Phase 2A (Silk Board to KR Puram, around 20.0 km) and Phase 2B ( KR Puram to Kempegowda International Airport Terminal, around 38.0 km).
Phases 2A and 2B of the Bengaluru Metro are scheduled to be completed by 2025.