Securing Foreign Funding: A Boost for Bengaluru Suburban Railway Project
Authorities have successfully secured external funding for the Bengaluru Suburban Railway Project (BSRP), bringing hope to expedite the long-awaited project. Railway Infrastructure Development Company (Karnataka), K-RIDE, has obtained Rs 7,438 crore (approximately €800 million) for the 149-km BSRP, aiming to utilize Bengaluru’s vast railway network for intracity commute.
The Ministry of Finance’s Department of Economic Affairs inked an MoU with the European Investment Bank (EIB) for a €300 million loan in June 2024, joining the agreement that KfW, a German investment bank, made for a €500 million loan in December 2023.
The total project cost amounts to Rs 15,767 crore, with foreign agencies covering 60% and the state and central governments contributing the remaining 40%. While the BSRP faces challenges in meeting the set deadline, strides have been made in initiating groundwork for various corridors and depots, showcasing progress towards enhancing Bengaluru’s railway infrastructure.
Published: 21 June 2024, 22:45 IST