Asian Development Bank and the Union Govt signed the paperwork for a 500 million US dollar loan for network expansion of the Bengaluru Metro in Karnataka state.
The loan will partly fund the construction of two new metro lines totalling 56 km in length.
These mostly elevated lines will run along Outer Ring Road and National Highway 44 between Central Silk Board and Kempegowda International Airport. A total of 30 stations will be constructed. The Union Cabinet had approved Bengaluru Metro Phase 2A and Phase 2B in April 2021. The total cost of the project at the time of approval was Rs. 14,788 crores. The project is expected to be completed in four years.
An additional $2 million technical assistance grant from ADB will help the state government formulate urban development plans and their implementing frameworks, focusing on TOD and multimodal integration. The grant will also be used to strengthen the capacity of the Bangalore Metro Rail Corporation Limited and other state agencies to implement these initiatives.
The two new lines are expected to decongest traffic in the city area and provide seamless connectivity to the airport.
The signatories to the agreement for Bengaluru Metro Rail Project were Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance who signed for the Government of India, and Mr. Takeo Konishi, Country Director of ADB’s India Resident Mission who signed for ADB.