Pune Metro | Centre clears way for loan of Rs 6,325 crore for metro rail project

Pune: The much-delayed Pune metro rail project is all set to get a loan of Rs 6,325.50 crore from World Bank (WB) and China-based Asian Infrastructure Investments Bank (AIIB), with the union government approving the state government proposal for multilateral assistance for the project.


In a communication, the department of economic affairs of the union finance ministry conveyed to the state government that the screening committee had approved its proposal for multilateral assistance of Rs 6,325.50 crore for the first phase of Pune metro rail project on certain conditions.


As per the conditions, the loan will be directly taken by the Special Purpose Vehicle (SPV) for Pune metro with sovereign guarantee being provided by the union government. The loan would be co-financed by Word Bank and AIIB, which would be split in two-three smaller tranches.


According to sources, the repayment of the loan would be the responsibility of the SPV, which would do that from the revenue from ticket fares and means like development charges from structures alongside its route and extra cess collected by the civic body.


Municipal Commissioner Kunal Kumar said the loan would constitute 50 per cent of the total cost. The remaining cost would be borne by the union government, state government and PMC-PCMC. The union government would contribute Rs 2,118 crore, the state government Rs 2,430.40 crore while PMC and PMC would together contribute Rs 1,278.40 crore.


“The process for completing the formalities for the loan would be completed in next few months. It also includes final approval of the union government,” Kumar said, adding the work on the project would be started immediately after the union government’s approval as the loan funds would be available.


(Source//The Indian Express)



Pune Metro | Centre clears way for loan of Rs 6,325 crore for metro rail project

Comments

Post a Comment

Popular posts from this blog

Chennai Metro | CMRL releases map of Phase 2 metro project

Image
Chennai: Chennai Metro Rail Limited has officially released a route map for its ambitious phase 2 metro project that will connect far-flung areas of the city through three corridors. In February, Metro Rail floated nine tenders for detailed design consultants and for soil tests. In one of the tenders, it has released a map of phase 2 with 104 stations, covering 107km. The estimated cost of the project is Rs 85,047 crore. Chennai Metro Phase II Network Map (PC: CMRL) However, after a review of the alignment, CMRL officials said they had increased the number of stations to 116 covering a total 107.55km along three corridors. The tenders CMRL has floated are also for corridor 3 (Madhavaram Milk Colony to Siruseri SIPCOT) that covers the IT hub on the OMR and corridor 5 (Madhavaram to Sholinganallur). Corridor 4 that connect Light House to CMBT is likely to be extended up to Poonamallee at an additional cost of Rs 3,850 crore. A feasibility study is at present und...
Read more

Innovative SkyWay technologies: Future Transportation

Image
SkyWay string transport is an energy and transportation communicator of elevated overpass type. It uses electric vehicles on steel wheels riding on specific string rails. The main design differences of this system from other types of railroads of trestle design are pre-stressed tension of the structure, the absence of a continuous solid roadbed, low materials intensity in construction and visual simplicity. The main advantages are economic efficiency, environmental friendliness, durability, reliability, safety and, consequently, high market competitiveness. SkyWay transport is developing in three main areas: high-speed intercity type (up to 500 km/h, and in future, up to 1250 km/h with the transition to a pre-vacuum tube) urban passenger type (up to 150 km/h) and freight type. It has no analogues in its field with the ability to meet the entire range of transportation needs. In future it can be integrated into a unified global energy, information and transportation network, which will ...
Read more

Delhi Metro | DMRC to make phase-III project fully operational by March 2018

The Delhi Metro’s Phase III, an ambitious public transport intervention, will be almost fully operational by March 2018, bringing vast areas of the national capital into the fold of its fast expanding network. Stretches of the Pink and Magenta Lines, which will together measure over 90 km with 61 stations, will be thrown open starting this October and the entire corridors will be functional by next year. The 58-km-long Pink Line, which will connect Majlis Park to Shiv Vihar running along the arterial ring road that encircles the city, will be opened in stages between December 2017 and March 2018, according to the latest Phase III status report. However, a section of the corridor between Nizamuddin and IP Extension in East Delhi may not be operational by March as it is stuck due to issues pertaining to land acquisition. “The date for Nizamuddin to IP Extension section will be worked out after resettlement and rehabilitation issues at Trilokpuri are settled,” the report ...
Read more