Gandhinagar, Oct 25 (IANS) EIB Global, the arm of the European Investment Bank (EIB) for financing activities outside the European Union (EU), on Friday, announced it would provide a 300 million euro loan to build a new suburban railway network covering four dedicated rail corridors in Bengaluru.
The network will stretch over a total of 149 km and include 58 stations and two depots.
At a meeting here, EIB Vice-President Nicola Beer and Karnataka Rail Infrastructure Development Company Ltd's (KRIDE) Director of Finance Awadhesh Mehta, formally announced the loan towards Bengaluru suburban railway network will help cut pollution and carbon emissions and improve safety for women passengers.
"This funding complements the 500 million euros we allocated for the construction of the Bengaluru Metro R6 line, addressing Bengaluru’s mobility challenges by developing a clean, modern and efficient public transport system," said Beer.
"The two projects we are financing in Bengaluru aim to create India’s most integrated rail network, providing seamless connectivity with all other modes of public transport in the city," Beer said in a statement.
The earlier 500 million euro loan was given to build the 23 km Bengaluru Metro R6 line and purchase a fleet of about 96 metro cars. The EIB has so far financed metro projects in Agra, Bengaluru, Bhopal, Kanpur, Lucknow, and Pune, with a total of 3.25 billion euros committed since 2016 – making India the largest beneficiary of its transport financing outside Europe.
EU Ambassador to India and Bhutan, Herve Delphin, said it marks a major milestone in our collaboration as "we unlock new opportunities for growth, connectivity and positive social, economic and environmental impact, further strengthening the partnership between India and the EU".
Once fully operational, the Bengaluru transport system will see a 43 per cent drop in CO2 emissions. The estimated daily ridership will be approximately 400,000 trips per day in 2029, the first year of full operation, and is expected to increase to about 1.4 million trips per day in 2040, largely aligned with the projected population growth.