Bangalore Metro | BMRC to sign a € 300-m loan deal with AIIB
Bangalore: The Bangalore Metro Rail Corporation (BMRCL) is expected to finalise a 300-million loan (Rs 2,275 crore) from the Asian Infrastructure Investment Bank (AIIB) in the next two days. The loan will have a 15-year tenure and comes with a 2.2% rate of interest. The Beijing-headquartered bank is owned by several Asian countries and India is its second largest stakeholder. The BMRCL’s response follows AIIB’s offer of loan to fund Phase II of the Namma Metro project on reasonable terms. The AIIB team has already had four rounds of discussions with BMRCL officials in Bengaluru. A BMRCL delegation led by managing director Pradeep Singh Kharola is in Beijing to close the deal. The final round of negotiations is scheduled for Nov 8-9.Once the terms are finalised, the Department of Economic Affairs (DEA) of the Union government is expected to sign the finance contract in about two months paving way for the flow of funds. The Luxembourg-based European Investment Bank (EIB), wh...