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India, ADB sign $500 million loan to expand Bengaluru metro rail network, Real Estate News, ET RealEstate

India, ADB sign $500 million loan to expand Bengaluru metro rail network, Real Estate News, ET RealEstate
NEW DELHI: India and the Asian Development Bank (ADB) on Monday signed a $500 million loan to expand the metro rail network in Bengaluru with construction of two new metro lines totalling 56 km in length.

The signatories to the agreement were Additional Secretary, Economic Affairs, Rajat Kumar Mishra, for India, and Country Director of ADB’s India Resident Mission Takeo Konishi, for the lender.

“The new metro lines will further strengthen safe, affordable and green mobility in Bangaluru, having positive impact on enhancing quality of life, sustainable growth in urban habitat and livelihood opportunities,” Mishra said.

“The project supports urban transformation of Bengaluru into a more livable and sustainable city through support to urban public transport and urban development with concepts of transit-oriented development (TOD) and multi-modal integration (MMI),” Konishi said.

“The project will bring various benefits including road de-congestion, better urban livability and environmental improvement.”

The TOD-based urban development model will target realigning growth and increase the city’s economic productivity by creating higher density, compact, mixed use, mixed income, safe, resource-efficient, and inclusive neighborhoods. TOD also aims to raise land values along these corridors, generating capital revenues for the state government to meet the city’s long-term investment needs.

The MMI will aim to provide people-oriented, environment-friendly solutions and a safe, total mobility solution for all city residents through the seamless integration of different modes of public transport.

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

An additional $2 million technical assistance grant from the ADB will help the state government formulate urban development plans and their implementing frameworks, focusing on TOD and MMI. The grant will also be used to strengthen capacity of the Bangalore Metro Rail Corporation Ltd and other state agencies to implement these initiatives.


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