ADB to fund $250 mn for Bangalore metro project

Asian Development Bank and the Bangalore Metro Rail Corporation Limited today signed a Facility Agreement for a USD 250 million loan through ADB's non-sovereign lending window that signalled the multilateral lending agency's first foray into the mass rapid public transport sector in South Asia.

The loan, approved by the ADB Board in March last year will part-finance the Bangalore metro project that aims to ease traffic congestion in the city and help move 40,000 passengers a day, BMRCL said in a statement.

The metro project comprises two corridors with track length of 42.3 km. Part of the east-west corridor of 18.1 km between Baiyappanahalli and M G Road became operational in October last year.