Foreign banks ready to give loans to Visakha and Vijayawada metro rail projects: Metro Rail MD
Vijayawada: The State government has been making efforts to put both the Visakha and Vijaya metro rail projects on fast track and as part of it called for tenders for appointment of general consultant.
As part of the initiative, the State government focusing on getting loans for grounding of the metro rail projects. It is estimated that both the metro rail projects cost Rs 12,000 crore including Vijayawada metro Rs 5,900 crore and Visakha metro rail Rs 6,100 crore. The AP Metro rail corporation MD Ramakrishna Reddy started consulting various banks to get the loans.
At this juncture several foreign banks are coming forward to fund for the metro rail projects in the State. As part of it, Metro rail corporation MD Ramakrishna Reddy discussed with AIIB bank representatives Santosh and Paskal Russel in his office last evening. Earlier the AIIB bank delegation inspected the metro corridors project sites at field level.
It may be noted that the Vijayawada metro rail project starts from RTC bus stand to Gannavaram at a stretch of 26 km and also from RTC bus stand to Penamaluru at a stretch of 12 km. The AIIB is in favour of sanctioning loan for the metro rail project.
In addition the KFW bank of Germany and AFD bank of France, Jaika bank of Japan and World Bank also coming forward to extend loans to the metro rail projects according to Metro rail MD. He said that they are going to discuss with banks which are going to sanction loans at lesser interest rate.
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