ADB signs $500 mn loan with India for Bengaluru metro expansion
RAILWAYS & METRO RAIL

ADB signs $500 mn loan with India for Bengaluru metro expansion

India and the Asian Development Bank (ADB) signed a $500 million loan on Monday to expand Bengaluru's metro rail network by building two new metro lines totalling 56 km.

Rajat Kumar Mishra, India's Additional Secretary for Economic Affairs, and Takeo Konishi, Country Director of the Asian Development Bank's India Resident Mission, signed the agreement for the lender.

By creating higher density, compact, mixed-use, mixed-income, safe, resource-efficient, and inclusive neighbourhoods, the TOD-based urban development model aims to realign growth and increase the city's economic productivity. Transit-Oriented Development (TOD) also aims to increase land values along these corridors, generating capital revenue for the state to meet the city's long-term investment needs.

Through the seamless integration of various modes of public transportation, the Multi-Modal Integration (MMI) will aim to provide people-oriented, environmentally friendly solutions as well as a safe, total mobility solution for all city residents.

The project will build two new metro lines with 30 stations between Central Silk Board and Kempegowda International Airport, mostly elevated along Outer Ring Road and National Highway 44.

A $2 million technical assistance grant from the Asian Development Bank will assist the state government in developing urban development plans and their implementation frameworks, with a focus on TOD and MMI. The money will also be used to improve the capacity of the Bengaluru Metro Rail Corporation Ltd and other state agencies to carry out these plans.

Image Source


Also read: Kodambakkam-Poonamallee metro stretch to be ready by June 2024

Also read: Kochi Metro Rail Ltd explores resources to develop land parcels

India and the Asian Development Bank (ADB) signed a $500 million loan on Monday to expand Bengaluru's metro rail network by building two new metro lines totalling 56 km. Rajat Kumar Mishra, India's Additional Secretary for Economic Affairs, and Takeo Konishi, Country Director of the Asian Development Bank's India Resident Mission, signed the agreement for the lender. By creating higher density, compact, mixed-use, mixed-income, safe, resource-efficient, and inclusive neighbourhoods, the TOD-based urban development model aims to realign growth and increase the city's economic productivity. Transit-Oriented Development (TOD) also aims to increase land values along these corridors, generating capital revenue for the state to meet the city's long-term investment needs. Through the seamless integration of various modes of public transportation, the Multi-Modal Integration (MMI) will aim to provide people-oriented, environmentally friendly solutions as well as a safe, total mobility solution for all city residents. The project will build two new metro lines with 30 stations between Central Silk Board and Kempegowda International Airport, mostly elevated along Outer Ring Road and National Highway 44. A $2 million technical assistance grant from the Asian Development Bank will assist the state government in developing urban development plans and their implementation frameworks, with a focus on TOD and MMI. The money will also be used to improve the capacity of the Bengaluru Metro Rail Corporation Ltd and other state agencies to carry out these plans. Image Source Also read: Kodambakkam-Poonamallee metro stretch to be ready by June 2024 Also read: Kochi Metro Rail Ltd explores resources to develop land parcels

Next Story
Real Estate

Pune Records 11% Drop in Property Registrations in Nov

Property registrations in Pune saw a decline of 11 percent year-on-year in November, totaling 13,371 units, despite robust demand, according to a report by Knight Frank India. The real estate consultancy revealed that the total registrations in November 2024 generated a revenue of Rs 475 crore for the state. This marked a fall from last year's figure of 14,988 units in the same month. Compared to October 2024, when 20,894 units were registered, November’s figures represent a 36 percent decrease. Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated that Pune’s proper..

Next Story
Infrastructure Energy

Oriana Power Signs MoU with Rajasthan in Clean Energy

Oriana Power, a publicly-listed company on the NSE, announced on Monday that it has entered into a Memorandum of Understanding (MoU) with the Rajasthan government to invest Rs 10,000 crore in a series of clean energy projects. The projects will focus on solar energy, floating solar, green hydrogen, and energy storage solutions. The agreement was finalized in Jaipur during the recently concluded Rising Rajasthan Global Summit 2024. Oriana Power has identified six key locations in the state for these projects, including one in Bikaner, two in Churu, and three in Phalodi districts. Rupal Gupta, M..

Next Story
Infrastructure Energy

PM Surya Ghar Scheme Set to Surpass 10 Years of Solar Growth

The PM Surya Ghar Muft Bijli Yojana has achieved a remarkable milestone, surpassing 6.85 lakh solar installations within a year and poised to exceed a decade's worth of solar growth. The scheme, launched in February 2024, has already achieved 86 percent of the solar installations made in the last ten years. The 3-5 kW segment accounted for the majority of installations, at 77 percent, while 14 percent of installations were in the 5kW+ category. Gujarat led the charge with 2,86,545 installations, followed by Maharashtra with 1,26,344, Uttar Pradesh with 53,423, and Kerala. The scheme, which now..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000