NE BUSINESS BUREAU
GANDHINAGAR, DEC 18
The Government of India and the Germany Development Bank KfW (Kreditanstalt fr Wiederaufbau) on Saturday signed a Rs 3,464 crore (442.26 million euros) loan pact for the first phase of Surat Metro Rail project, says a Gujarat Metro Rail Corporation Ltd release.
The total cost of the project is 1.5 billion euros, of which KfW is financing 442.26 million euros, a Finance Ministry statement said.
The project is being co-financed by French Development Agency, AFD (Agence Franaise de Dveloppemet). The Agreement with AFD for 250 million euros was signed on January 28, 2021, it said.
“The 40.35 km Surat Metro project aims to strengthen and augment the transport infrastructure of the Surat urban agglomeration. It will relieve traffic congestion and provide integrate town and land use planning through Transit-Oriented Development,” it said.
The Surat Metro Rail Project Phase-1 was sanctioned for a total length of 40.35km with a total sanctioned project cost of Rs. 12,020.32 crores, of which Rs 5434.25 crore is to be financed through loan. French Development Bank -AFD is funding balance 250 Million Euros (approximately Rs 1,970 crore).
GMRCL (Gujarat Metro Rail Corporation Limited), an SPV of Govt. of India & Govt. of Gujarat, has achieved a milestone in its journey towards accomplishment of the objective to make sustainable public transport accessible to all.
Construction work of the project is going on in full swing so as to achieve the targeted completion in year 2024.
