ADB signs $500 mn loan with India for Bengaluru metro expansion

25 Aug 2021 CW Team

India and the Asian Development Bank (ADB) signed a $500 million loan on Monday to expand Bengaluru's metro rail network by building two new metro lines totalling 56 km.

Rajat Kumar Mishra, India's Additional Secretary for Economic Affairs, and Takeo Konishi, Country Director of the Asian Development Bank's India Resident Mission, signed the agreement for the lender.

By creating higher density, compact, mixed-use, mixed-income, safe, resource-efficient, and inclusive neighbourhoods, the TOD-based urban development model aims to realign growth and increase the city's economic productivity. Transit-Oriented Development (TOD) also aims to increase land values along these corridors, generating capital revenue for the state to meet the city's long-term investment needs.

Through the seamless integration of various modes of public transportation, the Multi-Modal Integration (MMI) will aim to provide people-oriented, environmentally friendly solutions as well as a safe, total mobility solution for all city residents.

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

A $2 million technical assistance grant from the Asian Development Bank will assist the state government in developing urban development plans and their implementation frameworks, with a focus on TOD and MMI. The money will also be used to improve the capacity of the Bengaluru Metro Rail Corporation Ltd and other state agencies to carry out these plans.

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Also read: Kodambakkam-Poonamallee metro stretch to be ready by June 2024

Also read: Kochi Metro Rail Ltd explores resources to develop land parcels

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