French Agency Agence Francaise De Developpement (AFD) to loan 200 mn pounds for Metro Phase II
Bangalore: The Bangalore Metro Rail Corporation Limited (BMRCL) is all set to receive funding for phase II from French agency Agence Francaise De Development (AFD), which will advance €200 million as a sovereign loan.
An agreement is expected to be signed on Friday between BMRCL and AFD in the presence of the Chief Minister. Phase II of the metro project involves extensions of the current reaches as well as laying two new lines between RV Road and Bommasandra as well as Gottigere to Nagawara.
On Friday, the French embassy, along with BMRCL and AFD, will launch a photo exhibition titled ’60 solutions against climate change’ at the Rangoli Metro Art Centre. It comprises 21 photos by renowned photographer Yann Arthus-Bertrand from his ‘Earth from Above’ series. AFD was previously involved in Phase I where it had extended a long-term credit facility of €110 million. However, the Japan International Co-operation Agency (JICA), which was a major contributor to Phase I, is not likely to extend any more credit to the project.