Bangalore Metro project in India receives funding

5 October 2011 (Last Updated October 5th, 2011 18:30)

The Housing and Urban Development (Hudco) in India has approved a loan worth Rs7bn ($139m) for the Namma Metro project of Bangalore.

The Housing and Urban Development (Hudco) in India has approved a loan worth Rs7bn ($139m) for the Namma Metro project of Bangalore.

In April this year, the Asian Development Bank approved a loan of $250m to part-fund the 42.3km-long first phase of the Bangalore Metro project, which was estimated to cost Rs110bn ($2.19bn).

The Karnataka Government has allocated Rs6.83bn ($138m) in the budget for 2011-12, while the Japan International Cooperation Agency is extending an official development assistance loan for the project.

The Bangalore Metro Rail Corporation (BMRCL) has spent Rs40bn ($814m) on the project, which is expected to decongest the city, relieving the pressure on road transportation in Bangalore.

The project is expected to be completed by March 2013.