India-ADB: USD 500 million loan agreement signed for Bengaluru Metro
On August 19, 2021 India has signed a USD 500 million loans agreement with the Asian Development Bank (ADB) in order to expand metro rail network in Bengaluru.
- Metro Rail Network in Bengaluru will be expanded with the construction of two new metro lines of 56 kilometers.
- Signatories to an agreement for Bengaluru Metro Rail Project include: Rajat Kumar Mishra, Additional Secretary of Department of Economic Affairs, and Takeo Konishi, Country Director of ADB’s India Resident Mission.
About expanded metro rail network
The expanded metro rail network project will involve the construct two new metro lines. It will be mostly elevated, along Outer Ring Road and National Highway 44 in between the Central Silk Board and Kempegowda International Airport comprising of 30 stations. This project will help in decongesting the traffic in city area and provide seamless connectivity on airports. Needs of vulnerable groups like elderly, women, children and differently-abled persons.
Significance of the project
This project supports the urban transformation of Bengaluru city to make it more livable and sustainable city by supporting urban development with concepts of transit-oriented development (TOD), urban public transport and multi-modal integration (MMI).
According to ADB, TOD-based urban development model will be targeting towards realigning growth and increasing economic productivity of the city by creating higher density, mixed-use, mixed-income, compact, safe & resource-efficient, and inclusive neighborhoods. It also aims to raise land values along the corridors and to generate capital revenues for state government in order to meet long-term investment needs of city.
Category: Economy & Banking Current Affairs
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