In a significant decision to improve the public transport in Nagpur, Germany’s Development Bank KfW will provide loan assistance for building a metro network in the city.
KfW will provide a loan of around 3,750 crore rupees for the project to be executed by Nagpur Metro Rail Corporation Limited. The loan amount is over 43% of the total project cost of around Rs. 8,680 crore.
Maharastra Chief Minister Devendra Fadnavis & Union Minister Nitin Gadkari unveiled the logo of Nagpur Metro in March 2015.
An agreement in this regard was signed in New Delhi by Joint Secretary in Department of Economic Affairs S Selvaraj and Director General of KfW Roland Siller.
The loan is for a period of 20 years with a moratorium of 5 years. Disbursal will be based on the progress of the project over 3 years.
Nagpur Metro is the first metro to be financed under the Indo-German partnership for clean, socially inclusive and climate friendly mobility for people in cities.
Maharashtra Chief Minister Devendra Fadnavis and Road & Transport Minister Nitin Gadkari have unveiled the logo for Nagpur in March last year.
