The European Investment Bank is providing a 300 million euro loan for the Bengaluru Railway

The European Investment Bank (EIB) has announced a loan of 300 million euros for the construction of a new railway network consisting of four dedicated railway lines in Bengaluru.

According to the release, in a meeting held in Gandhinagar, EIB Vice President Nicola Beer and Karnataka Rail Infrastructure Development Company Ltd (KRIDE) Finance Director Awadhesh Mehta, officially announced a loan of 300 million euros for the construction of a new railway network comprising four. dedicated railway lines in Bengaluru. The network will extend a distance of 149 kilometers and include 58 stations and two depots.

“Home to approximately 14 million people (expected to reach 20 million by 2030), Bengaluru is the third most populous city in India. The EIB has already supported the city’s transport sector with a €500 million loan to build the 23 km Bengaluru Metro R6 line and purchase a fleet of 96 metro vehicles. The EIB’s support for transport in India includes the financing of metro investments in Agra, Bengaluru, Bhopal, Kanpur, Lucknow and Pune, with a total of €3.25 billion committed. since 2016. This makes India the largest beneficiary of EIB logistics outside Europe,” EIB said in a release.

Mrs. Beer said, “EIB is honored to support the Bengaluru rail network with a loan of E300 million. This funding is in line with the 500 million euros we have allocated to build the Bengaluru Metro R6 line, to address Bengaluru’s mobility challenges by building a clean, modern and efficient public transport system. The two projects we are funding in Bengaluru aim to build India’s most integrated rail network, providing seamless connectivity to all other modes of public transport in the city.”