The European Investment Bank (EIB) will provide EUR 500 million to support the construction of a new 18 station Rapid Transit line in Bangalore and the purchase of 96 train cars for use on the line. This support for investment to expand the second longest urban metro system in the country is the largest ever EIB loan in India and also the largest ever support for sustainable transport outside Europe. The Asian Infrastructure Investment Bank is expected support the project in the first ever joint financing between the EIB and AIIB.
Once operational in 2021 the new 22km Reach 6 metro line will transform transport in the southern Indian city. The project includes both underground tunnels and elevated tracks. Economic activity in the Karnataka State capital will benefit from reduced journey time and lower costs. The improved transport links are also expected to reduce green-house gas emissions. Reach 6 is a key part of the second phase of the Bangalore Metro and a key component of the future rail link to Bangalore Airport.
“Daily travel for hundreds of thousands people on the Namma Metro will be transformed by expanding urban transport in Bangalore. The impressive Reach 6 project shows how a world city is providing 21st century sustainable transport for its citizens. The EUR 500 million financing agreed with the European Investment Bank, the Bank of the European Union, demonstrates Europe’s commitment to support world class climate related investment across Asia and the increased momentum of EIB financing for urban transport across India,” said Andrew McDowell, European Investment Bank Vice President responsible for South Asia.
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