The European Investment Bank (EIB) has signed the Finance Contract with India to € 300 million for Bangalore Metro Rail Project Phase II Line R6. The objective of the project is to bring in a quantum improvement in the transportation sector in the city in tandem with the Bangalore Metropolitan Transport Corporation (BMTC) and other modes of urban transport. This project will be jointly financed by the European Investment Bank (€500 million) and Asian Infrastructure Investment Bank (€300 million). The agreement signed recently was for first tranche of €300 million. The project implementation period is five years from date of commencement of the work.