The Asian Development Bank (ADB) will provide $176 million (Rs.969 crore) loan to construct Jaipur Metro's phase-I (B) project proposed from Badi Chaupar to Chandpole area and an agreement was signed by the state government along with the Centre and Jaipur Metro Rail Corporation (JMRC) with the bank on Thursday in New Delhi.
JMRC chief managing director NC Goel said, “It's a very positive sign for the state. The project cost of the proposed underground metro corridor (phase-1, B) is Rs.1,126 crore. The deal will give financial backing to the project and work can be done at rapid pace.“
An official said the JMRC had earlier approached the ADB for phase-I corridor between Mansarovar and Chandpole.
However, the bank had refused to provide loan for the project as the work has already started. As per norms, it does not fund any project half way . “After negotiations, the bank agreed to fund the phase-I (B) corridor,“ added the official.
A new 9.7 km-long elevated Line 1 of the metro from Mansarovar in the western part of the city to Chandpole on the western edge of the central business district will open by July-August, 2014. The ADB’s loan will help finance an additional 2.3 km underground stretch from Chandpole to Badi Chaupar, along with two stations, that should be ready to provide access to the central business district by March 2018.
The metro will provide connections to the entire central business district.
The extended line is expected to carry 126,000 passengers every day during its first year of operation. The stations along the Line 1 will connect existing and planned bus routes to help travel to other parts of the city much faster.
The official said the ADB's loan will also help finance studies into the planned 23-km long north-south line-2. This study will be completed towards the end of 2015.
The loan has a 23-year term including a grace prepaid of eight years with commitment charges of 0.15% maturity premium of 0.10% (as straight line repayment method) and interest rate to be determined in accordance with the ADB's Libor-based lending facility .
JMRC chief managing director NC Goel said, “It's a very positive sign for the state. The project cost of the proposed underground metro corridor (phase-1, B) is Rs.1,126 crore. The deal will give financial backing to the project and work can be done at rapid pace.“
An official said the JMRC had earlier approached the ADB for phase-I corridor between Mansarovar and Chandpole.
However, the bank had refused to provide loan for the project as the work has already started. As per norms, it does not fund any project half way . “After negotiations, the bank agreed to fund the phase-I (B) corridor,“ added the official.
A new 9.7 km-long elevated Line 1 of the metro from Mansarovar in the western part of the city to Chandpole on the western edge of the central business district will open by July-August, 2014. The ADB’s loan will help finance an additional 2.3 km underground stretch from Chandpole to Badi Chaupar, along with two stations, that should be ready to provide access to the central business district by March 2018.
The metro will provide connections to the entire central business district.
The extended line is expected to carry 126,000 passengers every day during its first year of operation. The stations along the Line 1 will connect existing and planned bus routes to help travel to other parts of the city much faster.
The official said the ADB's loan will also help finance studies into the planned 23-km long north-south line-2. This study will be completed towards the end of 2015.
The loan has a 23-year term including a grace prepaid of eight years with commitment charges of 0.15% maturity premium of 0.10% (as straight line repayment method) and interest rate to be determined in accordance with the ADB's Libor-based lending facility .
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