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German Government’s Development Bank KfW will provide a loan assistance of €500 m (₹3,750 crore) for metro system in Nagpur city, a statement form the Ministry of Urban Development said on Friday.
The loan period is 20 years with a moratorium of five years and disbursal will be based on the progress of the project over three years.
The Department of Economic Affairs and KfW signed an agreement in this regard on Friday.
Costing ₹8,680 crore and executed by Nagpur Metro Rail Corporation Ltd, it is the first metro to be financed under the Indo German partnership for clean, socially inclusive and climate friendly mobility.
Sanctioned by the Centre in August 2014, Nagpur Metro Project envisages two corridors i.e. 19.70 km North-South section from Automotive Square to Khapri and 18.60 km long line between Prajapati Nagar and Lokmanya Nagar.
Physical works commenced in May, 2015 and it would be operational by March, 2019.
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