India and European Investment Bank (EIB) signed the finance contract for lending of 300 million euros (about Rs 2,293 crore) for Bangalore Metro Rail Project phase-II. Bangalore Metro Rail Project Phase II is to be jointly financed by the EIB (500 million euros) and Asian Infrastructure Investment Bank (300 million euros).
The project relates to extension of East-West and North-South lines for Bangalore Metro Rail which includes a total length of 72.095 km (13.79 km underground) and 61 stations with 12 underground stations. The project implementation period is 5 years from date of commencement.
Important Takeaways from Above News-
- Werner Hoyer is the President of European Investment Bank.
- It headquarters in Luxembourg.
Source- The Economic Times