Jaipur Metro Rail Corporation seeks ADB loan to fund underground Metro

JAIPUR: To seek funds for construction of underground Metro from Chandpole to BadiChaupar, Phase- I (B), senior officials of Jaipur Metro Rail Corporation (JMRC) on Wednesday met representatives of Asian Development Bank (ADB) in New Delhi.

The Planning Commission had forwarded the proposal to the ADB after the JMRC sought the requirement of loan for the project for Phase I (B).

“The meeting was held with bank representatives and a decision will be taken with in two to three days,” JMRC chief managing director N C Goel said. Sources in the department claimed that ADB has given in principle approval to provide a loan of Rs 969 crore.

A day earlier, a consultant from the ADB bank conducted a survey for the route and met senior JMRC officials and residents of the city. “It was learnt that the highest number commuters coming to Walled City ply through this route,” an official said.

As the state government plans to lay foundation before next state elections, the JMRC is gearing up to initiate the tender process in July for construction of Metro project phase I (B), based on an engineering-procurement-construction (EPC) model.

Sources in the department claimed that if the ADB bank rejects the proposal, the tender process is likely to be delayed due to financial glitches.

“There is sufficient arrangement of funds to construct the project from Mansarovar to Chandpole. However, the state government is not in a position to fund the entire project till Badi Chaupar,” a source said. The estimated cost to construct the line from Mansarovar to Chandpole is Rs 2,000 crore. If it is extended to Badi Chaupar, the cost will go up to around Rs 3,149 crore.

Officials said the 2. 4 km corridor from Badi Chaupar to Chandpole will be constructed underground in the Walled City area. Under Phase-I (B) of the project, an underground tunnel would be dug from Chandpole to Badi Chaupar through the congested areas of the old city.

An official said JMRC is looking at getting financial assistance from the Central government in the form of equity for the Metro phase I (B). As part of a joint venture, the Centre is expected to fund 20% of the project in the form of equity.

“On JMRC’s request, the Union ministry of urban development recently forwarded the proposal to the Planning Commission for its comments. The Central government will provide Rs 627 crore in the form of equity. As per the norms, the Centre will have a 20% stake in the project,” a senior JMRC official said

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